Definition(s)
Lifecycle
Multiple and consecutive business phases that span the entire period of an asset or project’s activities from conception to closure.
Typically, oil and gas businesses experience lifecycle phases that include: technology research to access to new resources through exploration; the design and construction of facilities; start-ups, normal operations and shutdowns; the transportation of hydrocarbons to market as oil, gas or refined products; and when facilities are decommissioned at end of life.
Source: IOGP Report No. 510, Operating Management System Framework for controlling risk and delivering high performance in the oil and gas industry, International Association of Oil & Gas Producers, June 2014. Global Standards