The article proposes the construction of an optimization mathematical model of the oil production process to assess the economic efficiency of field development. On the basis of the studied methods of geological and economic modeling, two optimization problems are formulated to maximize the economic efficiency of the project and the search for the minimum profitable initial flow rate, and algorithms for their solution are proposed. As a result of the application of the developed algorithm for solving optimization problems, it was possible to find a field development mode that increases the economic efficiency of the project by 28%, as well as to justify the minimum profitable initial flow rate. The author has developed practical recommendations for choosing a field development mode for making decisions when planning and optimizing oil production strategies.