Subsea oil and gas (O&G) exploration demands significantly high power to supply the electrical loads for extraction and pumping of the oil and gas. The energy demand is usually met by fossil fuel combustion-based platform generation, which releases a substantial volume of greenhouse gases including carbon dioxide (CO2) and methane into the atmosphere. The severity of the resulting adverse environmental impact has increased the focus on more sustainable and environment-friendly power processing for deepwater O&G production. The most feasible way toward sustainable power processing lies in the complete electrification of subsea systems. This paper aims to dive deep into the technology trends that enable an all-electric subsea grid and the real-world challenges that hinder the proliferation of these technologies. Two main enabling technologies are the transmission of electrical power from the onshore electrical grid to the subsea petroleum installations or the integration of offshore renewable energy sources to form a microgrid to power the platform-based and subsea loads. This paper reviews the feasible power generation sources for interconnection with subsea oil installations. Next, this interconnection’s possible power transmission and distribution architectures are presented, including auxiliary power processing systems like subsea electric heating. As the electrical fault is one of the major challenges for DC systems, the fault protection topologies for the subsea HVDC architectures are also reviewed. A brief discussion and comparison of the reviewed technologies are presented. Finally, the critical findings are summarized in the conclusion section.