Navigating the Energy Transition: A Look at Project Engineering from Plan to Construction
Key Ideas
- Governments globally are committing significant financial support to energy transition projects such as offshore wind, hydrogen development, and carbon capture to meet net zero targets.
- High-quality front-end engineering is crucial for project advancement, ensuring bankable performance guarantees and managing cost and schedule overruns.
- Pre-FEED and FEED work play a vital role in transitioning projects from concept to construction, drawing from lessons in the oil and gas industry.
- Technology Readiness Level assessment during pre-FEED helps manage risks, allowing for innovation in meeting energy transition goals.
The global energy market is witnessing a surge in energy transition projects aiming to achieve net zero targets, with governments worldwide providing substantial financial support. The article emphasizes the importance of high-quality front-end engineering in moving projects from design to construction, ensuring realistic project plans and transparent pathways to Final Investment Decisions (FID). Stakeholders stress the significance of early engineering work such as Pre-FEED and FEED stages to secure investment and mitigate risks in projects like offshore wind, hydrogen development, and carbon capture. Drawing from the oil and gas industry, these early engineering steps are crucial in defining project feasibility, safety, and economics. Through careful consideration, innovation, and technology readiness assessments, projects can navigate the complexities of the energy transition successfully.
Topics
Projects
Sustainability
Investment
Market Trends
Energy Transition
Technology Innovation
Project Development
Engineering Projects
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