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