In this unique book, two experienced professionals, one from an owner company and the other from an international EPC contractor, whose interests often oppose each other, join to give their perspectives about the project lifecycle, its governance structure, gate system, complexities, contract models, and quality measurements. In the second part of the book, they present case studies of projects gone wrong, due to mismatches, errors, and inconsistencies in the FEED. These case histories reveal how avoidable gaps and errors creep into FEED resulting in project failures and how the review systems fail to detect them. Technical and business professionals seem to underestimate the importance of FEED in capital-intensive major projects, while focusing on short-term goals. The underlying causal factors need to be addressed and resolved in time properly, for ensuring success of major oil and gas projects. Written in a concise and practical style, with key takeaways at the end of each chapter, this book will be a useful guide for practicing project and engineering professionals in the oil and gas industry. Senior students and researchers will find ideas and viewpoints given in this book worth exploring further.