This study determines and presents the capital and operating costs imposed by the use of CO2 capture technologies in the refining and petrochemical sectors. Depending on the refining process and the CO2 capture method, CO2 emissions costs of EUR 30 to 40 per ton of CO2 can be avoided. Advanced low-temperature CO2 capture technologies for upgrading oxyfuel reformers may not provide any significant long-term and short-term benefits compared to conventional technologies. For this reason, an analysis was performed to estimate the CO2 reduction potential for the oil and gas industries using short- and long-term ST/MT technologies, was arriving at a reduction potential of about 0.5−1 Gt/yr. The low cost of CO2 reduction is a result of the good integration of CO2 capture into the oil production process. The results show that advanced gasoline fraction recovery with integrated CO2 capture can reduce the cost of producing petroleum products and reduce CO2 emissions, while partial CO2 capture has comparative advantages in some cases.