In Oil and Gas Industry, due to the high investment in projects, the long payback period and the high risk involved, selecting the best projects portfolio and ways to minimize risks are difficult challenges for decision makers. In addition finding funding for the selected portfolio increases the complexity. The process of selecting Project portfolios is a complex task, which passes through various stages until it reaches the point of selecting the optimal portfolio [Galeno, 2008]. To invest in a project, companies look for its own available investments capital, banks, markets, and partners in Joint Venture. This paper presents a framework for portfolio selection with Enhanced Oil Recovery (EOR) projects funding option including Joint Ventures, based on the Markowitz model. The methodology is applied to a set of four projects in oil and gas business. The outputs with risk exposure are compared to risk-free using Markowitz models. The results show that the framework with the risk management models can be used for EOR portfolio selections with funding option and for joint venture equities determination. 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