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Capital-intensive investment projects with high level of risk are the driver of the company's value growth, but under certain conditions they may lead to a default. The financial cycle specifics of the projects in oil and gas industry related to the need for significant initial investment, as well as structural specifics of raising capital, determine the necessity of an integrated and comprehensive assessment of investment risks. The article offers the author's approach to assessing the impact of investments on the value of oil and gas business, based on RAROC (risk-adjusted return on capital) indicator. A method of an investment project-risk assessment is devised taking into account modern approaches to risk management in the industry. Proposed is a selective algorithm for making an investment decision on the basis of a double criterion index of efficiency, with due regard to the taken risks and comparison of target and unacceptable solvency. The practical focus of the research is shown on the example of investment portfolio analysis of an oil and gas company. The results of the research can be used in the process of financial decision making by management of oil and gas companies, and by investors and analysts. © 2017 WIT Press.