Portfolio Selection of Iranian`s Exploration and Production Companies Under Petroleum Investment Fiscal Regimes Using a MADM model

Abstract

In iran, one of the most important challenges is the identification and optimal selection of oil and gas projects and opportunities for exploration and production (E&P) companies, considering financial and technical constraints. this study aims to propose a systematic model for the optimal selection of E&P project portfolios based on the characteristics of iranian companies and the country's financial conditions. initially, a comprehensive literature review was conducted, and 39 project selection criteria were collected from previous studies. after evaluation by subject matter experts, 38 criteria were selected as suitable for the conditions of iran's oil and gas industry. then, the best-worst method (BWM) was used to determine the weights of these criteria, and the top ten criteria with the highest weights were identified. finally, the evaluation based on distance from average solution (EDAS) method was applied to prioritize the projects. the results show that this model can serve as a strong tool in the process of managing oil and gas project portfolios. however, the main limitation of this study is its dependence on the country's political and economic conditions, which can significantly affect the criteria weights and final outcomes.