Abstract: The basic meaning and functions of value appraisal theory in enterprise are explained. Two techniques for developing a value appraisal model are proposed. The different and common points between value appraisal theory in enterprise and traditional project economic evaluation are pointed out. It is indicated that application of the theory into the petroleum exploration and development planning compilations can obtain good results. For the economic evaluation model focused with project appraisal is broken through using this method, accurate measurement of the effect of newly incremental benefits from a company's capital on initial benefit is performed macroscopically. Hence, it will serve positive actions for the optimizing and allocation of entire resources of an oil company.

Key words: value, oil and gas exploration, oilfield development, planning