The extraction of the energy sources such as fossil fuels is accompanied by the various environmental challenges. Modern developments in the extraction methods are aimed at the risk mitigation as well as rise of economic efficiency. The advantage of this method is the possibility of application in fields with low reservoir pressure, as well as for oil with a high content of impurities, including sand, paraffin, salts and sulfur. The authors have developed a technical and economic model for the comparison of the efficiency of using mechanized methods of oil production such as electrical submersible pump and gas-lift. The model consists of five blocks (resource, technical, financial, economic and resulting), each is accompanied by mathematical modeling of the main processes. The results of the study, obtained on the example of the Orenburg oil, gas and condensate field, showed that the use of the gas-lift method of production compared to the electrical submersible pump provides savings in capital investments by 13% and an increase in operating costs by 4%, at the same time, an increase in net present value by 35% is achieved. For this field, it is advisable to use a non-compressor gas-lift, due to the possibility of the extraction of the associated gas from a neighboring field. Sensitivity analysis revealed a low degree of risk of using the gas-lift method of oil production in the Orenburg field.