Importance Recently, the problem of creating an effective system for ranking investment programs has become more relevant. However, the existing tools do not permit to make a comprehensive assessment and to maximize the efficiency of investment programs in the oil and gas industry. Objectives The article aims to form a hierarchical structure consisting of sub-groups of elements, and to identify tools for their efficient ranking. Methods I focus on applying a set of tools for qualitative assessment and depart from standard quantitative assessment, which is difficult to implement for large-scale projects. To ensure a thorough understanding of the reasons for choosing this kind of approach I integrate various theoretical perspectives based on previous studies and the structure of investment programs in the oil and gas industry. Results I have proposed tools to simulate an investment program ranking process in the oil and gas industry. I have presented the projects as a system of interrelated elements, which takes into account the exogenous and endogenous factors. Conclusions and Relevance The hierarchical structure of the model and the set of quantitative evaluation can be a convenient tool for investors to effectively analyze the impact of exogenous and endogenous factors, such as oil and gas price, State policy, international mode of energy sector operation. The advantage of this analysis is that using the proposed approach enables to solve the problem of managing investment programs by breaking a complex integrated task into a few simple ones. This decomposition makes the management process more flexible.
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