Energy transition is a global phenomenon that has been accelerated by the need to combat climate change, with strong local conditions. At the center of this process are oil and gas companies, which need to define how they will contribute to the redesign of the energy sector. Brazil has one of the cleanest energy matrices and a great potential to develop new business models based on renewable energies, especially biofuels, solar and wind. On the other hand, the pre-salt has the potential to transform Brazil into an oil exporting province, which is in full growth, in addition to having a repressed domestic demand, to develop a new local gas market. In this context, this study aimed to identify which strategies and business models are being adopted by the Oil and Gas companies, in the context of the Energy Transition, in Brazil. To achieve this objective, a qualitative approach was used, through the analysis of sectorial publications and business reports, as well as interviews with specialists and managers of companies in the sector. This approach allowed us to identify four types of strategies and five business models that are being adopted locally. The study allows to broaden of the results vision and the value that has been achieved by the new business models based on renewable energies, contradicting the common sense that they are always in deficit. The study concludes by showing that the renewable energy business is already a reality, and that the local energy transition can benefit from the synergy between the oil and gas industry and the diversification towards renewable energies, being necessary for this, a greater integrated planning between the various sectors involved.