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The decision-making process in oil exploration and production is becoming increasingly complex, mainly due to the number of uncertainties involved. However, the investment evaluation techniques commonly used in this type of project do not take into account the effect of uncertainties on decision-making. In this sense, the objective of this book is to conduct a study on how uncertain variables can impact decision-making in an oil exploration and production project, through the application of Real Options Theory in different contractual regimes.