Oil and gas will remain a critical source of energy in the global energy mix and will continue to command attention in investment decisions given resource rich countrie's dependence on hydrocarbon for revenue, even with the energy transition.

The techniques for investment decision making vary, depending on the drivers of the decisions. Techniques for investment decision making can be both quantitative and qualitative. Most techniques will start with quantitative analysis but ultimately end up depending on qualitative views from project teams and top management decision makers as they consider factors beyond quantitative evaluations such as political and strategic views.

Quantitative evaluations involve the use of economic indicators, stochastic evaluation, and prevailing market conditions for the assessment of profitability of oil and gas projects. The economic evaluation results influence the risk behaviour of investors and decision makers.

The qualitative evaluations consider the business drivers, stakeholder's perspectives, including the government in most cases. Other considerations for the qualitative assessment include things like risk appetite, assessment of project locations and energy transition policies. These areas of considerations highlight the need for investment decision making to be guided by quality decision analysis that can help put things in the right perspective and guarantee quality decisions even if it is impossible to guarantee the outcome of such decisions.

In this paper we review quantitative and qualitative decision-making techniques from literature. We also present practical cases where qualitative evaluations guide project teams to choices beyond the quantitative evaluation results.

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