A type of contract typical of the offshore construction sector, which relates to the realization of a complex project where the global or main contractor (usually a construction company or a consortium) provides the engineering services, procurement of materials, construction of the system and its infrastructure, transport to site, installation and commissioning/preparatory activities to the start up of operations
The contractor of the project is a one point of contact responsible for the engineering, procurement and construction of the project (e.g. power station, transmission system). The terms and conditions of the contract are agreed a priori and the contractor takes upon himself all the risks that are agreed upon within the contract, rather than the entrepreneur. The scope, quality, timescale and costs will be agreed beforehand between the parties. In an EPC contract for the construction of a natural gas transmission line, the EPC contract may for instance refuse to take upon himself the risks of obtaining the rights of way on the land on which the pipeline will be constructed
Transformation of the physical characteristics of the energy
The gap between the amount of energy produced from petroleum and the amount of energy required to extract it, produce it and refine it. The current status could alter if we pass the oil peak since at such a stage the cost of producing every barrel of oil will increase drastically
The purpose of this Israel law is to regulate the exploitation of energy sources, allocating them in accordance with the various industries needs and using them efficiently and sparingly
