Artificial General Intelligence (AGI) is set to profoundly impact the oil and gas industry by introducing unprecedented efficiencies and innovations. This paper explores AGI's foundational principles and its transformative applications, particularly focusing on the advancements brought about by large language models (LLMs) and extensive computer vision systems in the upstream sectors of the industry. The integration of Artificial Intelligence (AI) has already begun reshaping the oil and gas landscape, offering enhancements in production optimization, downtime reduction, safety improvements, and advancements in exploration and drilling techniques. These technologies streamline logistics, minimize maintenance costs, automate monotonous tasks, refine decision-making processes, foster team collaboration, and amplify profitability through error reduction and actionable insights extraction. Despite these advancements, the deployment of AI technologies faces challenges, including the necessity for skilled professionals for implementation and the limitations of model training on constrained datasets, which affects the models' adaptability across different contexts. The advent of generative AI, exemplified by innovations like ChatGPT and the Segment Anything Model (SAM), heralds a new era of high-density innovation. These developments highlight a shift towards natural language interfaces and domain-knowledge-driven AI, promising more accessible and tailored solutions for the oil and gas industry. This review articulates the vast potential AGI holds for tackling complex operational challenges within the upstream oil and gas industry, requiring near-human levels of intelligence. We discussed the promising applications, the hurdles of large-scale AGI model deployment, and the necessity for domain-specific knowledge in maximizing the benefits of these technologies.