Evaluation and selection processes of petroleum exploration and development projects: an empirical study

The main activities of petroleum companies are to find, develop and produce petroleum. Evaluation and selection of petroleum exploration and development (E&D) projects are important steps to ensure the success of the potential projects as well as the long-term survival of the companies. The study describes the evaluation and selection process of petroleum E&D projects by petroleum companies. The study identifies important decision-making components in project evaluation and selection, which include the objectives of the projects, the information sources used to identify the projects, the influencing variables, the methodologies used and the sources of information used for the evaluation and selection