The speaker Tobias Walk has been deeply involved as owners engineer within the design and commissioning of various international pipeline projects (amongst others: BTC Crude Oil Pipeline, Bourgas-Alexandroupolis Crude Oil Pipeline, ESPO Pipeline, Revamp of Janaf Crude Oil Pipeline) during the last decade. Participating at various project implementation phases as well as plant operations a variety of different system optimizations have been faced. From a general aspect the “Value” of a plant or system can be increased by either improving its functionality or reducing the required CAPEX and OPEX. In order to optimize the “Value” of a plant its essential functionalities needs to be properly defined and analyzed. This needs to be done in a systematic structured approach. This practice identifies and removes unnecessary functions. Achieving these essential functions at the lowest life-cycle cost would clearly improve the “Value” of a system. The necessary steps for that approach are briefly explained and examples from various projects will be provided for this Value Engineering Approach. These are not limited on Greenfield projects as this approach can be also applied to Brownfield or Revamp projects. OPEX savings of 40% and more are possible as identified within resent projects. Furthermore the Value Engineering Approach can be also utilized within pre-defined Engineering Technical Practices which can be used as company standards.