Selection of right sets of projects is considerably critical for organizations to successfully achieve their competitive advantages and corporate strategies. Due to limited resources and dynamic changes in business environment, this kind of selection is quite challenging for organizations. Beside one hundred selection tools and techniques, academics and practitioners have studied and recommended complex selection frameworks to facilitate the selection of right projects. In this study a new model was developed for project portfolio evaluation and selection. The model is as follow: evaluation of individual projects based on paired comparison, construction and evaluation of portfolios with artificial neural networks, classification and ranking of portfolio of organizational projects. Finaly the results were compared with DEA and COLS model. The entire methodology was illustrated via an example in oil & gas field.