In many countries, an oil field is acquired through an auction. This decision making is complex. For the valuation of the field, the development model must be pre-defined with several associated alternatives, a high degree of technical, market and operational uncertainties and submitted to a certain fiscal condition. The decision for a certain alternative generates high impacts and investments for the company. The proposed work aims to model an optimal strategy for an oil auction, helping the decision maker and considering the uncertainties involved in the process. The economic indicator of the Net Present Value (NPV) was used to compare the scenarios return and the Conditional Value-at-Risk risk measure. In a numerical experiment based on a real case, it was identified that changes in the production configuration significantly alter the NPV results and the effect varies according to the value of the acquisition bonus.