Current harsh economic conditions, scarcity of natural resources and high market competition causes the emphasis on performing at higher efficiency rates. A feasibility study is a tool for investigating the viability of the prospective projects. This paper proposes an optimal control approach for enhanced oil recovery investment project, to maximize the profit using the net present value (NPV) method. The present work discusses the operational, economic and financial feasibility studies used to assess the overall viability for the prospective project. The model is applied to a project being conducted by Egyptian petroleum research institute (EPRI) and the academy for scientific research and technology (ASRT). The total project budget is 20 million L.E. The costs are shared equally by EPRI and ASRT. The project financier is ASRT. The results shown that the proposed approach is accurate and given exact solutions.