BS EN ISO 15663:2021 - Life Cycle Costing for Petroleum, Petrochemical, and Natural Gas Industries

Standard Number: BS EN ISO 15663:2021

Pages: 114

Released: 2021-05-05

ISBN: 978 0 539 06171 0

Status: Standard

Overview

The BS EN ISO 15663:2021 is a comprehensive standard that provides guidelines for life cycle costing in the petroleum, petrochemical, and natural gas industries. This standard is essential for professionals and organizations aiming to optimize their financial performance by understanding and managing the costs associated with the entire life cycle of their projects and operations.

Why Choose BS EN ISO 15663:2021?

In the highly competitive and capital-intensive sectors of petroleum, petrochemical, and natural gas, effective cost management is crucial. The BS EN ISO 15663:2021 standard offers a structured approach to life cycle costing, enabling businesses to:

• Enhance Decision-Making: By providing a clear framework for evaluating costs over the life cycle of assets, this standard helps in making informed decisions that can lead to significant cost savings.
• Improve Financial Performance: Understanding the total cost of ownership allows companies to identify cost-saving opportunities and improve their financial outcomes.
• Increase Competitiveness: By optimizing costs, companies can offer more competitive pricing and improve their market position.
• Ensure Compliance: Adhering to international standards like BS EN ISO 15663:2021 demonstrates a commitment to best practices and can enhance a company's reputation.

Key Features

The BS EN ISO 15663:2021 standard is packed with features that make it an invaluable resource for industry professionals:

• Comprehensive Coverage: With 114 pages of detailed guidelines, this standard covers all aspects of life cycle costing, from initial investment to decommissioning.
• Internationally Recognized: As an ISO standard, it is recognized and respected worldwide, making it a valuable tool for global operations.
• Up-to-Date Information: Released on May 5, 2021, it reflects the latest industry practices and technological advancements.

Who Should Use This Standard?

The BS EN ISO 15663:2021 standard is designed for a wide range of professionals and organizations within the petroleum, petrochemical, and natural gas industries, including:

• Project Managers: To plan and manage projects with a clear understanding of cost implications over the project life cycle.
• Financial Analysts: To evaluate and forecast financial performance based on comprehensive cost analysis.
• Operations Managers: To optimize operational efficiency and reduce costs through informed decision-making.
• Compliance Officers: To ensure that operations adhere to international standards and best practices.

How BS EN ISO 15663:2021 Can Transform Your Business

Implementing the guidelines of BS EN ISO 15663:2021 can lead to transformative changes in how your business approaches cost management. By adopting a life cycle perspective, you can:

• Identify Hidden Costs: Gain insights into costs that may not be immediately apparent, allowing for more accurate budgeting and forecasting.
• Optimize Resource Allocation: Allocate resources more effectively by understanding the cost implications of different strategies and decisions.
• Enhance Sustainability: By considering the entire life cycle, you can make more sustainable choices that benefit both the environment and your bottom line.

Conclusion

The BS EN ISO 15663:2021 standard is an essential tool for any organization in the petroleum, petrochemical, and natural gas industries looking to improve their cost management practices. By providing a comprehensive framework for life cycle costing, it enables businesses to make informed decisions, optimize their financial performance, and maintain a competitive edge in the market.

Invest in the BS EN ISO 15663:2021 standard today and take the first step towards a more cost-effective and sustainable future for your business.

BS EN ISO 15663:2021

This standard BS EN ISO 15663:2021 Petroleum, petrochemical and natural gas industries. Life cycle costing is classified in these ICS categories:

• 75.020 Extraction and processing of petroleum and natural gas

This document specifies requirements for and gives guidance on the application of life cycle costing to create value for the development activities and operations associated with drilling, exploitation, processing and transport of petroleum, petrochemical and natural gas resources. This document covers facilities and associated activities within different business categories (upstream, midstream, downstream and petrochemical).

The life cycle costing process as described in this document is applicable when making decisions between competing options that are differentiated by cost and/or economic value. This document is not concerned with decision-making related to the economic performance of individual options or options differentiated by factors other than cost or economic value.

Guidance is provided on the management methodology and application of life cycle costing in support of decision-making across life cycle phases. The extent of planning and management depends on the magnitude of the costs involved, the potential value that can be created and the life cycle phase. It also provides the means of identifying cost drivers and provides a cost-control framework for these cost drivers, allowing effective cost control and optimization over the entire life of an asset.