Lifecycle EPC Execution

Definition:
An integrated project delivery approach that encompasses Engineering, Procurement, and Construction phases throughout the entire project lifecycle, ensuring consistency and alignment with operational objectives.

Key Components:

• Engineering: Designing project specifications and plans.
• Procurement: Sourcing materials and equipment necessary for construction.
• Construction: Executing the physical building of the project.

Use Cases/Industries:

• Gas Processing Plants: Managing the entire development from design through commissioning.
• Pipeline Projects: Overseeing all phases to ensure seamless project delivery.

Advantages:

• Streamlined Communication: Unified teams reduce miscommunication and enhance collaboration.
• Improved Accountability: Single-point responsibility minimizes disputes and clarifies expectations.

Challenges:

• Complex Coordination: Managing all phases requires robust project management skills.
• Risk Management: Assuming full project scope increases exposure to potential risks.

Related Terms:
EPC Contracting, Integrated Project Management, Design-Build-Operate

Example:
A midstream operator adopts lifecycle EPC execution for a new liquefied natural gas (LNG) facility, resulting in cohesive project development and successful on-time delivery.