Petroleum University of Technology Petroleum Business Review 2645-4726 10 1 2026 02 01 Examining the National Development Fund's Investment Model in Upstream Oil & Gas Industries with Emphasis on Field Development Risks 27 42 238505 10.22050/pbr.2026.554698.1418 EN Ali Javadi Ph.D. Student, International Oil and Gas Contracts Management, Faculty of Law and Political Science, Allameh Tabataba’i University, Tehran, Iran 0009-0008-9900-8198 Abbas Kazemi Najafabadi Associated Professor, Faculty of Law and Political Science, Allameh Tabataba’i University, Tehran, Iran 0000-0002-1556-5042 Hadi Rahmanifazli Assistant Professor, Faculty of Law and Political Science, Allameh Tabataba’i University, Tehran, Iran Journal Article 2025 10 29 The present study examines the investment model of the National Development Fund (NDF) in the upstream oil and gas industries, focusing on the risks associated with field development. Given the NDF's recent entry into the investment arena, the challenges in this field have been analyzed in this article. Furthermore, the NDF 's investment policies and guidelines, project prioritization, and the Non-Meddle Investment model (I-HOPE) as the NDF’s main strategy to reduce risk and increase resource effectiveness are introduced and analyzed in detail. Finally, alongside a comparative review of the NDF’s investment model and field development challenges, solutions are proposed to improve the NDF’s investment process in this sector. This study, by evaluating the strengths and weaknesses of the I-HOPE model in confronting the inherent risks of field development, provides a framework for optimizing future investments. These measures help the NDF to optimally manage risks, increase resource returns, and play a more effective role in the country's economic development.<br>Keywords: Non-Meddle Investment Model, Risk, Uncertainty https://pbr.put.ac.ir/article_238505_992b6f661e53aed8e004decadb8ff3c4.pdf