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The secondary development is a deeper development after efficient development, more difficult to develop, higher technical risks and fluctuations in oil prices all increase uncertainty. Owing to comprehensive benefits and uncertainty, it’s essential to find a more flexibility in investment decision-making method instead of cash flow which may cause the deviations of investment decisions. Organic combining the evaluation model of capacity, risk analysis methods, Black—Scholes model, this article has established an option evaluation method of deliverability project which is fit for the secondary development, reflects comprehensive benefits and uncertainty. It has provided a more accurate method for investment decision on the secondary development evaluation under uncertainty.