In optimizing and managing the life cycles of submersible electrical equipment (SEE) for oil production, an integrated approach to the organization of maintenance and repairs (MRO) is advisable based on the development of a more advanced strategy for carrying out repair cycles. It is stated that the maintenance and repair strategies adopted by the oil industry do not fully ensure operational efficiency, which leads to an increase in premature equipment failures, a reduction in turnaround times and, as a result, losses for oil companies. The advantages and disadvantages of approaches to organizing the operation of SEE on the operating time and the actual state in the planning, implementation of maintenance and repair, as well as the feasibility of their complex application are evaluated. It is proposed to use statistical models to make an informed decision on determining the composition and period of MRO, forecasting the boundary states of sets in general and specific SEE electrical installations. At a given operating time, it is possible to determine the basic laws of the appearance of defects and the mean time between failures (MTBF) of the elements, as well as the fleet of equipment of oil-producing enterprises as a whole. The results obtained are the rationale for a set of recommendations to improve operational efficiency and optimize life cycle management of submersible electrical equipment for oil production.