Oil companies are presently facing a competitive scene due to high pricevolatility and increasing complex decisions. In this scenario, firms shouldhave adequate decision tools to evaluate cost and benefit impacts from thefinancial, environmental, technological, and market factors. This paperdescribes a methodology where a decision-maker explicitly considers twoobjectives when evaluating new petroleum opportunities in an offshore area-financial and technological gain. The Multi-Attribute Theory (MAUT) is usedsimultaneously to consider the technological challenges of the capitalbudgeting process in an exploration and production firm. Prospects from fivedifferent basins in an offshore area comprising distinct risk and objectiveswere selected for the proposed study. The methodology presented in this workdemonstrates that in some mature areas the advantages to exploration arerestricted further only to financial gain, based upon the present economicpotential of the basin. On the other hand, other seemingly less attractiveareas, such as deep horizons in deep-water basins, may represent potentialtargets for new exploration as a result of the interaction of financial gainand technology advancement. The proposed model can provide significant insightinto petroleum exploration and guide managers to better investment decisions aswell as provide information to decision makers regarding the efficiency oftechnological gain at the firm level.