Uncertainties such as price volatility, supply and demand, global warming, technological progress, geopolitical situation, force the capital-intensive oil and gas sector to create a flexible portfolio of projects to proactively respond to changes. In an increasingly complex and uncertain environment, oil and gas companies around the world face continued pressure. It has become difficult to make strategic decisions and build long-term plans, so it has become vital to have a balanced portfolio. We suggest that in order to achieve the goals and maximize profitability, companies need to develop indicators for balanced portfolio, which will allow to evaluate the portfolio and rank the current and potential projects in order to create flexibility with minimal risk. In the article, we analysed modern approaches and benchmarked companies` tools for portfolio management, current situation in industry, identified risks and indicators for evaluation. We received the tool for quantitative evaluation for portfolio.