New ISO Standard on life cycle costing in the Oil & gas and Energy industries

The new ISO 15663 Petroleum, petrochemical and natural gas industries — Life cycle costing was issued in February/March 2021 and contains requirements and guidance on how to apply life cycle costing methodologies to provide decision support for selection between alternative competing options and strengthen the industry cost management for business value creation.

Cost management in the oil & gas and energy industries is important and will benefit from the adoption of a common and consistent approach to life cycle costing. Please find more information on the content of ISO 15663.

The standard can be purchased as ISO 15663, but it is substantially more affordable to obtain the version that is adapted as European and Norwegian Standard.