The Portuguese navigation system was established in the 15th century as the first learning organization (LO) and achieved great success. The high similarity of the Portuguese navigation system to Project-Based Organizations (PBOs) inspires the development of a model for Project-Based Learning Organizations (PBLOs). This study analyzed the Portuguese navigation system and its components, based on which a model for PBLO was proposed. Multiple case studies were conducted with two PBOs in the oil and gas industries in order to validate and revise the proposed model. The data was collected from interviews with 20 individuals involved in project and knowledge management in the PBOs. A total of 615 statements made by interviewees were coded and summarized as concepts in the various components of the model. Since the qualitative approach to learning organizations has been neglected and few researches has addressed the issue of PBLOs, the result of this study presents innovative findings on the development learning organizations in project-based environments.