Investment in renewal projects for ground facilities constitutions a significant port of investment in developed oil fields, directly affecting the economic benefits of field development Therefore, the evaluation and investment estimation of ground facility renewal in material oil fields serve as important bases for investment decisions Currently, various types of equipment in Chinese oil fields exhibit different degrees of aging, corrosion, and inefficiency, requiring timely updates and maintenance to avoid adverse impacts on oil and gas field production Based on this, this paper establishes evaluation indicators for ground facilities conditions in oil fields from technical, economic, and production perspectives, considering factors such as the oil field production time, crude oil properties, equipment load rates, and failure rates, combined with actual production conditions Meanwhile, using relevant mathematical formulas, reasonable indicator weights are determined for evaluation and calculation A practical evaluation system and investment estimation method for oilfield surface engineering facilities have been designed for overseas prolonging the contract term projects. This evaluation system and estimation method are conducting to scientifically evaluate the actual situation of oil field ground engineering facilities of prolonging the contract term projects and making investment decisions for timely and reasonable turnover measures required by oil and gas fields, which is critical for improving field economic benefits and reducing energy consumption.