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Investment Decision-Making Model Applied to Upstream Projects Under Risks and Uncertainties

Rodrigo Gandra and Helder Queiroz Pinto Júnior

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Abstract

A substantial portion of the literature on organizational routines has traditionally focused on the stability and transformation of organizational operational activities. This study extends this perspective by emphasizing that organizational routines may also play a significant role in investment decision-making processes within oil companies, particularly in the upstream segment of the oil and gas industry. Based on technical, business and academic literature an Investment Decision-Making Model was developed to illustrate how organizational routines support strategic investment decision-making related to new capital assets under conditions of risk and uncertainty in this segment. Furthermore, the study identifies and discusses the principal macroprocesses (higher-level routines) employed within the upstream sector.

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Gandra, R. & Júnior, H. Q. P. (2026-07-31). Investment Decision-Making Model Applied to Upstream Projects Under Risks and Uncertainties. Boston Research Journal of Social Sciences & Humanities, 6(3), 27-53.

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© 2026 Gandra and Júnior. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

Journal compilation © 2026 Boston Research Journals.

*Correspondence: Rodrigo Gandra

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