Assessment of the efficiency of management of the process of geological exploration for oil and gas was carried out on the basis of the study of the results of oil and gas enterprises Nizhnevolzhskneft, Saratovneftegaz, Stavropolneftegaz and Bashneft, conducting search and exploration of hydrocarbon raw materials in reef rocks in 1985-2001. The cost of increment of 1 ton of fuel equivalent reserves was taken as a parameter of exploration efficiency. The analysis was carried out using the principles of the rational approach with the construction of logical and mathematical models, which involves optimizing the placement of types and volumes of work with the establishment of the relationship and sequence of their conduct. In this case, the logical model consists of a constant part, which includes the research object, and a control system, which changes under certain boundary conditions. Object parameters and structure can be changed in the model while maintaining the estimation of its effectiveness. Multivariate regression analysis with enumeration of linear and nonlinear functions was used to calculate the mathematical model. Based on the analysis of modeling results, it is shown that cost reduction in the process of exploration is mainly due to the increase in hydrocarbon reserves. At the same time, a significant increase in exploration efficiency can be achieved by involving more structures in the study and increasing the amount of research, geophysical studies and exploratory drilling.