The westernmost peninsula of Eurasia, Europe is bordered by the Arctic Ocean to the north, the Black Sea to the southeast, the Mediterranean Sea to the south and the Atlantic Ocean to the west. The economic and political association of 27 European member states, the European Union (EU) has developed a single market through which a standardized system of laws apply, and under this union, sixteen member states have adopted the euro as its common currency. In 2006, the EU had a gross inland energy consumption of 1,825 million tonnes of oil equivalent, with nuclear energy as the primary source of energy produced in the region. Currently, the EU imports around 82% of its oil and 57% of its natural gas resources.
Cost Engineering is the management of project cost and includes cost control, estimating, forecasting and budgeting. Cost engineers apply scientific principles and techniques to budget and plan for investment projects and monitor costs throughout the project lifecycle. A cost engineer will work to get the best balance between cost to the client, quality and timely completion of the project.