Abstract: A method and system for decarbonization of a hydrocarbon conversion process such as steam methane reforming process for hydrogen production utilizing oxygen transport membrane reactors. The system employs catalyst-containing reforming reactors for converting natural gas into synthesis gas which is further treated in high temperature or medium temperature water gas shift reactors and fed to a hydrogen PSA to produce hydrogen product. The system further employs oxygen transport membrane reactors thermally coupled to reforming reactors and configured to oxy-combust about 90% to about 95% of combustibles in PSA tail gas that may be optionally mixed with natural gas. The oxy-combustion product stream leaving the oxygen transport membrane reactors contains about 90% of the carbon provided to the feed of the reforming reactor. The carbon dioxide in the oxy-combustion product stream can be recovered and further purified for utilization or geologic storage or liquefied to form a liquid carbon dioxide product.