Oil and Gas Production: The Blueprint For EPC Success In 5 Easy Steps - Megaprojects Oman
Oil and Gas Production Content Series
Although the current trend in investment offers many opportunities to EPC contractors, there are plenty of challenges that must be addressed whilst executing these large-scale projects, foremost of which is the rate of failure experienced by such initiatives.
Right from the bidding process until the commissioning stage, EPC contractors have to find a way to overcome the risks and difficulties in order to meet tight deadlines and budgets.
Ed Merrow, president of research firm Independent Project Analysis (IPA) and author of Industrial Megaprojects - Concepts, Strategies, and Practices for Success, outlines that megaprojects around the world have a failure rate of a mind-boggling 65 per cent.
In this piece, we take a look at how companies that embark on these gargantuan undertakings can increase their likelihood of success by focusing on five key principles.
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