We analyze how artificial intelligence changes a significant part of the energy sector, the oil and gas industry. We focus on the upstream segment as the most capital-intensive part of oil and gas and the segment of enormous uncertainties to tackle. Basing on the analysis of AI application possibilities and the review of existing applications, we outline the most recent trends in developing AI-based tools and identify their effects on accelerating and de-risking processes in the industry. We investigate AI approaches and algorithms, as well as the role and availability of data in the segment. Further, we discuss the main non-technical challenges that prevent the intensive application of artificial intelligence in the oil and gas industry, related to data, people, and new forms of collaboration. We also outline three possible scenarios of how artificial intelligence will develop in the oil and gas industry and how it may change it in the future (in 5, 10, and 20 years).