UNE-EN ISO 15663:2021

This document specifies requirements for, and gives guidance on, the application of life cycle costing forthe development activities and operations associated with drilling, exploitation, processing and transportof petroleum, petrochemical and natural gas resources. This document covers facilities and associatedactivities within different business categories (upstream, midstream, downstream and petrochemical).The life cycle costing process as described in this document is applicable when making decisions betweencompeting options that are differentiated by cost and/or economic value implications. This document isnot concerned with decision making related to the economic performance of individual options or optionsdifferentiated by factors other than cost or economic value.Guidance is provided on the management methodology and application of life cycle costing in support ofdecision making across life cycle phases. The extent of planning and management depends on themagnitude of the costs involved, the potential value that can be created and the life cycle phase. It alsoprovides the means of identifying cost drivers and provides a cost-control framework for these costdrivers, allowing effective cost control and optimization over the entire life of an asset.