Selecting the correct artificial lift method is crucial for the long-term profitability of most producing oil and gas fields. OMV uses five different types of artificial lift systems (ALS) in mature fields in Austria; sucker rod pumps, linear rod pumps, progressive cavity pumps, electrical submersible pumps and gas lifting. Although much data are collected by OMV with regard to costs, a conclusive method indicating the most suitable artificial lift system in terms of cost efficiency is currently not available for application within OMV. For the purpose of this thesis a review of the five relevant artificial lift systems including their technical limits and knock-out criteria was performed with special focus on the challenges these systems face in OMV’s mature fields. In order to assist the selection process of the ALS, the life cycle costing method was applied as a basis for all further analyses in accordance with ISO 15663-1:2000. The ISO standard thereby subdivides the method into four distinct steps: diagnosis and scoping, where alternative solutions are established and defined, data collection and breakdown of costs, analysis and modelling, which includes sensitivity analysis and finally reporting and decision making. The possible alternatives to be ranked by the tool were specified by OMV in form of the commonly used five ALSs. The life cycle costs of an ALS depend on various factors during installation, operation and abandonment. The data provided by OMV was analysed with the purpose to define within this thesis the cost elements as well as to compile different parameters, like energy consumption, environmental costs and average run life. These factors were used to calculate total cost of ownership, as well as the net present value using the discounted cash flow method. Key performance indicators (KPI) were introduced to facilitate the ranking of the ALSs. A sensitivity analysis was performed to define the influence of the input parameters on the outcome of the life cycle costing and to ascertain the plausibility of this outcome. In the scope of this thesis a tool was developed as an Excel spreadsheet, calculating the life cycle costs for the five ALSs as comparison for individual wells. This is enabled by defining adjustable input parameters like e.g. gross production rate, initial water cut, oil price and expected life time. This input is then used to adapt the cost list based on well specification and installations. The output of this tool are the calculations, results and KPIs of the life cycle costing including an explicit ranking of the applicable ALS. The purpose of this tool is to assist OMV her decision making process. The tool was tested with available data of one existing well, already in production, to ascertain its applicability. The test well was equipped with gas lifting installations and after going through the life cycle cost systematics using the tool, the result happened to turn out as gas lift to represent the most favourable solution. The conclusion of this thesis is that a life cycle cost analysis can be an integral part of any decision making process for the right ALS in mature fields, if applied with care.