An arterial blood gas (ABG) test measures the levels of oxygen and carbon dioxide in the blood to find out how well the lungs are functioning. An ABG test can determine how well the lungs can move oxygen into the blood and remove carbon dioxide from the blood.An arterial blood gas (ABG) test measures the levels of oxygen and carbon dioxide in the blood to find out how well the lungs are working. An ABG test checks how well the lungs can move oxygen into the blood and removed carbon dioxide from the blood.