Based on the panel data of ASEAN countries from 2000 to 2020, this paper constructs the indicator of oil and gas investment risk, uses Singular value decomposition and Theil index model to evaluate the risk of oil and gas investment in ASEAN countries and measure the difference in risk of oil and gas investment in ASEAN. The research results show that the overall risk of oil and gas investment in ASEAN countries is on a downward trend, but the risk of oil and gas investment among ASEAN countries has a two-level divergence. From a regional perspective, the difference in oil and gas investment in the ASEAN region is mainly based on intra-regional differences, and the differences in oil and gas investment risks within the region are gradually ex? panding. Therefore, Chinese oil and gas companies should establish a risk warning mechanism when investing in ASEAN countries; pay attention to the oil and gas investment status of high-risk countries; make full use of the Belt and Road platform to strengthen cooperation in oil and gas investment projects with ASEAN countries.