Large quantities of petroleum-contaminated soil are generated with increased global energy consumption and crude oil production. This theoretical study evaluates the treatment of 1 ton of petroleum-contaminated soil using seven methods: incineration, physical washing, chemical washing, thermal pyrolysis, Fenton-oxidation-pyrolysis, the biological treatment, and asphaltenes. Data were based on experimental results from the Nahran Bin Omar oil lake in Basra Governorate, Iraq, (2019–2021). The methods were compared by waste generation, treatment cost, and duration. Results indicate that using petroleum-contaminated soil as a raw material for asphalt manufacturing is most beneficial since it is sold as a raw material. Incineration is faster and cheaper, but produces large amount of flue gases (17446.069 kg/ton.h) and ash (651.39 kg/ton.h). Physical washing is cost-effective and efficient in the Iraqi context, but generates substantial oily water (133.33 L/ton.h). Chemical washing is the most expensive creating chemical waste (10000 L/ton.h). The biological method (anaerobic digestion) may generate methane gas (40.847 kg/ton) however further research is needed. Aerobic bioremediation is unsuitable for Basra due to high soil salinity and ambient temperatures raise treatment costs. Pyrolysis and Fenton-oxidation-pyrolysis are energy-intensive and costly but efficient with CO2 emissions at (27.66% and 17.62% of incineration emissions) respectively.