Using digital technologies in its activities, an oil producing enterprise is able to gain a success only when a strategic approach is applied and, establishing a balance between actual and actual capability is equal to capability to beneficial transformations. The oil-extracting businesses digitalization of oil producing enterprises fundamentally alters key technologies throughout the entire life cycle from geological modelling, drilling and field development to commercial oil production. Peculiar to each stage of the life cycle, tools appear to evolve and transform themselves in accordance with the development of the enterprise. At the moment, advanced production technologies that are most in demand at oil producing enterprises are digital engineering, simulation modelling, smart manufacturing technologies, industrial Internet of things and artificial intelligence, virtual and augmented reality. Digital technologies enable production losses, mean time between failures, recovery time or downtime to be better foreseen and improve decision-making, early failure detection, calculate capital costs, operating costs and net present value for each particular well or for the deposit or oil field as a whole. The entire implementation of the project with digital technologies occurs according to the order: data collection, data research, modelling, analysis of results, testing the model’s performance on other wells, and replication.