Oil and Gas Production: The Blueprint For EPC Success In 5 Easy Steps - Megaprojects Oman
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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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