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Web-based course: Use of the new ISO 15663 Life Cycle Costing Standard for cost management and value creation in the Oil & Gas and Energy Industries

Wednesday 9 June 2021, a one-day web-based course on this standard will be arranged, organized by the ISO/TC 67 Working Group on Reliability engineering and technology. Advanced registration is required.

Cost management within the oil & gas and energy industries is important and will benefit from the adoption of a common and consistent approach to life cycle costing. The new ISO 15663 issued in February 2021 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.

This advisory course will demonstrate how this new international standard, ISO 15663, can be used to minimize life cycle cost and add value in the petroleum, natural gas and petrochemical industries. It is also applicable for other energy industries, e.g., offshore wind and renewables. The course will provide practical guidance for how to use and comply with the ISO 15663 life cycle costing methodology to enable high-quality decision support for selecting between alternative options (e.g., projects, operational and technical subject matters) across life cycle phases. HSE, sustainability and climate change considerations in the context of life cycle costing are also addressed in ISO 15663.

The course will provide guidance for how to apply and address:

  • Key economic evaluation measures such as life cycle cost (LCC). net present value (NPV), payback period and break-even price
  • Capital expenditure (CAPEX), operating expenditure (OPEX), and revenue factors (REVENUES or LOSTREV)
  • Analysis techniques and models, with required data input
  • Identification of cost elements and cost drivers
  • Required extent of planning and management of life cycle costing across life cycle phases
  • Common and specific contractual considerations for operators, contractors and vendors

This course is organized by the ISO/TC 67 Working Group on Reliability engineering and technology and in administrative cooperation with the University of Stavanger, Norway and Standards Norway.

The current COVID-19 pandemic situation requires this event to be organized as a web-based course. Future similar courses are planned for either web-based or face-to-face, potentially arranged at a different time zone than CEST dependent on where the participants are located.

Time and location

Time Wednesday 9 June 2021, 0900-1600, Central European Time (CEST)
Location Web-based (Zoom)
A link will be sent to all registered participants in advance of the course.

Registration and deadline

Advance registration is required by Tuesday 19 May 2021 (extended registration for new participants). Final confirmation on registration will be sent after the deadline. Please note that the registration is binding at date of deadline.

Registration for the course 9 June 2021 (the deadline for registration is reached)

Please contact us at for questions regarding the possibility for late registration.

Course fee: NOK 4500
Course administrative contact:  Jon T. Selvik,
ISO/TC 67/WG 4 convenor (ISO 15663 project leader): Runar Østebø, Equinor,

All participants will receive a course certificate after the course.

Interested but unable to attend?

If you are interested in this course topic, but are unable to attend 9 June 2021, you can indicate this in our registration form “Registration of interest”, and we will contact you if we plan another similar event regarding ISO 15663 at a later date..


Life cycle costing is the systematic consideration of costs and revenues associated with alternative options required to fulfil the objectives of the business. The 4-step methodology of Life Cycle Costing and associated techniques will be presented as shown in the course agenda.

Application of life cycle costing encompasses use of reliability and maintenance data, production assurance and reliability management information, standard cost coding and production loss estimation. Thus, the different parts of ISO 15663 will be informed about in the course in relation to other interrelated ISO documents developed by ISO/TC 67/WG 4, i.e. ISO 14224, ISO 20815, ISO 19008 and ISO/TS 3250.

Target groups

  • Operators
  • Contractors
  • Vendors/Manufacturers/Suppliers
  • Consultancies
  • Authorities


  • Runar Østebø, Equinor, ISO/TC 67/WG 4 convenor and ISO 15663:2021 project leader
  • Endre Willmann, technical editor of the ISO 15663:2021 and Norwegian expert member in the ISO 15663:2021 project group
  • Guido Mattu, Italian expert member of the ISO 15663:2021 project group
  • Eduardo Montalvao, Petrobras, Brazilian expert member of the ISO 15663:2021 project group
  • Frode K. Landerud, Equinor, Norwegian expert member of the ISO 15663:2021 project group

Runar Østebø is an Advisor in Equinor for subsea technology and operations and has also corporate responsibilities with respect to technology qualification and standardization. He is member of ISO/TC67 management committee and has been involved and responsible for ISO standards development during the last 25 years. He has been the OREDA JIP Steering chairman for a 10-year period, responsible for oil company OREDA data collections over a 20-year period, and also reliability management roles for a multitude of oil & gas projects during his 29 years in Equinor. He has also 10 years previous experience in international risk management consultancy and in drilling & well research, also as blowout expert.

Endre Willmann has 25 years of experience within Offshore and Subsea Systems, working for major Contractors such as Aibel, Vetco Gray and GE Oil & Gas, with main focus on System Engineering, Production Assurance and Reliability Management. He has held lead engineering roles in a significant number of projects spanning across life cycle phases including technology development and qualification, Concept Studies, FEED’s, Tenders, Execution and Aftermarket/Services.

Guido Mattu is an expert in oil & gas projects. He has 40 years of experience in Eni, working in the area of engineering and project management. He has been working in several onshore/offshore projects covering the role of project engineer, project manager, coordinator of the Company project management systems, head of project services (planning and control, risks, workload, lesson learned) and head of project reviews departments. He has long experience in developing international standards for IEC and ISO. He has also presented papers in international conferences organized by PMI (Project Management Institute), IPMA (International Project Management association) and SAVE International®.

Eduardo Montalvão has almost 10 years of experience in the oil and gas industry. He has held positions in several upstream projects both as a cost and as a planning engineer. In recent years, he has coordinated the concept development and selection phase in Brazilian pre-salt FPSO projects. The mains areas of concentration are Project Management, Cost Engineering, and Oil and Gas Business. Since 2018, Eduardo has been working with standard development in ISO as a committee member.

Frode Landerud has held different positions as leader and leading advisor in Equinor within the areas of Early Phase and Project Management and Control. He has more than 20 years of experience from the oil gas industry, both from contractor and operator side. Main areas with special focus have been weight estimation, cost estimation, risk and quality assurance. Frode has also extensive experience within standardization work, being part of different ISO work groups over time. He has since April 2017 been the ISO 19008 interim phase project leader.


0900 Welcome, course objectives & HSE moment
0915 Brief overview of ISO/TC67/WG4 activities
0930 General overview of the ISO 15663 standard
  • Main clauses and annexes
  • Normative versus informative
0945 Key terms and definitions
1015 Application arena, stakeholders and life cycle phases
1035 Management of life cycle costing
1100 4-step methodology of Life Cycle Costing
1145 Break
1230 Implementation and planning of Life Cycle Costing
1300 Life Cycle Costing techniques – general
1315 CAPEX and OPEX>
  • ISO 19008 relations
1345 Revenue / Lost revenue (LOSTREV) - Lost production
  • ISO 20815 relations
  • ISO 14224 relations
1400 Economic evaluation measures and calculation methods
1445 Data input
1500 Industry applications of ISO 15663
  • Case examples from industry
  • Q&A session
1530 Discussions and course evaluation
1600 End of course

Last updated: 2021-06-07

ISO 15663:2021


NOK 3 587,00 (excl. VAT)

Petroleum, petrochemical and natural gas industries — Life cycle costing

LanguageEngelskEdition: 1 (2021-02-25)

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