Abstract: At present, the concept of “efficient exploration” has received much attention in the operation of oil and gas enterprises. The trap pre-exploration project is the key in the exploration projects. In the annual project selection decision-making process, it is necessary to achieve the reserve target and also pay attention to the value of reserves. In order to comprehensively measure the geological and economic factors of trap pre-exploration projects, this paper constructs a comprehensive indicator index, mainly including physical quantity indicators, financial evaluation indicators, and unit investment performance indicators, and provides the calculation formula for each indicator. Then, explains the normalization method for indicators, analyzes the method for assigning the index weight and the calculation method of the comprehensive indicator index. Finally, takes seven trap pre-exploration projects as an example, and selects the key index, including newly added reserves, upgrade coefficient, net present value, post-risk value, net present value index, and unit investment controlled reserves. Using analytic hierarchy process to assign weights to indicators and calculate comprehensive scores, queue up and optimize seven items. The research results indicate that the project ranking results are different based only on the size of newly added reserves, only on the size of net present value, and after considering factors such as reserve economy, the comprehensive method is more realistic.