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An arterial blood gas (ABG) is a blood test that is performed using blood from an artery.It involves puncturing an artery with a thin needle and syringe and drawing a small volume of blood.he blood can also be drawn from an arterial catheter. Pulse oximetry plus transcutaneous carbon dioxide measurement is an alternative method of obtaining similar information as well. An ABG is a test that measures the arterial oxygen tension (PaO 2), carbon dioxide tension (PaCO 2), and acidity (pH).