Under the impetus of Industry 4.0, oil and gas is undergoing an unprecedented digital transformation, and many innovative ideas are proposed. However, the achieved higher efficiency comes at the expense of reduced social consideration, which necessitates more society-related research and calls for a technological paradigm shift. To meet this challenge, this article introduces parallel oil and gas within the framework of parallel intelligence-based Industry 5.0, providing a pivotal transition from cyber–physical systems (CPS) to cyber–physical–social systems (CPSS). A comprehensive review of oil and gas industrial chain that covers upstream, midstream, and downstream is first outlined. Grounded in Industry 5.0, the main principles of parallel oil and gas are then provided, where three kinds of workers (biological workers, digital workers, and robotic workers) and three operation modes (autonomous modes, parallel modes, and expert/emergency modes) collaborate to develop more human-oriented and resilient systems. To realize the desired vision, some enabling technologies, including blockchain, smart contracts, and industrial founda tion models, are thereafter listed. Furthermore, computa tional experiments on fault diagnosis of sucker rod pumps are conducted to illustrate the feasibility and effectiveness of our proposed mechanism. Finally, the future trend toward imaginative intelligence is envisaged.