Innovations management, development of R&D effectiveness valuation instruments, innovative projects portfolio optimization is one of the priorities in oil&gas companies. In this context authors have analyzed approaches to economic performance valuation of innovative projects, employed in Rosneft Oil Company PJSC. The currently employed valuation procedure is focused on the calculation of expected net present value (NPV) with valuation of success optionality of the innovation project’s different stages as well as drawing of project’s decision tree, showing key milestones in the management’s decision making process with regard to project’s financing or closure. Optionality allows a more precise project’s NPV valuation, considering risks of each stage fulfillment: research and development stage, engineering stage, including pilot implementation, and final implementation of a technology. Analysis has shown that the current methodology may be enhanced by adding negative results valuation, as well as by including R&D in production costs or increasing R&D costs by coefficient1.5. Application of the methods analyzed in the article will allow improving the quality of the innovative projects valuation and raising the projects’ economic effectiveness to an acceptable level, including projects with negative economic effectiveness at different stages of realization. Innovative projects portfolio becomes more flexible to the external and internal factors, as it includes projects valuated with NPV optionality methodology and includes the whole economic potential of the innovations.
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