Given today＇s business environment, investments in technology must deliver value which significantly exceeds the cost of developing and applying the technology. Quantification of this value is a significant challenge. Quantification of the value of technology enables prioritization of diverse technical efforts when coupled with strategic considerations related to a specific asset base. This prioritization can be used to maximize the impact of investment as well as help to balance research and development against application of existing technology. Upstream technology investment at Mobil has been reduced significantly in the past five years, in part because of our inability to quantify the value of technology. Decisions to resize technology efforts are driven by cost rather than value-to-cost considerations. Recurrent cycles of reduced investment cannot comprehend the resulting loss of value. A quantitative value-to-cost analysis was performed for the upstream technology portfolio at Mobil for the period 1993 -1988. The overall cost of developing and delivering various technologies was quantified as was the net present value from technologies applied to 30 major assets. The value captured was classified into four general categories: 1) reduced capital costs, 2) operating costs, 3) increased hydrocarbon production, and 4) increased proved reserves. This paper details the methods used to quantify the value-to-cost of upstream technologies and the results of the thirty asset analysis. Examples of the value of technology to specific assets will be presented. Finally, a method of incorporating strategic considerations and business alignment to set overall program priorities will be discussed.