Over the past three decades, the Engineering, Procurement, and Construction (EPC) model has been widely adopted as a prominent contracting framework in industrial and infrastructure projects, particularly in oil, gas, petrochemical, and power sectors. By integrating design, procurement, and construction, it has successfully addressed many inefficiencies inherent in fragmented delivery models. This study adopts a lifecycle-oriented approach to analyze the advantages and limitations of the EPC model across three dimensions: technical, contractual, and asset governance. The findings indicate that while responsibility integration, execution speed, and construction cost predictability are the primary strengths of the EPC model, its structural disconnection from the operational phase, rigidity in handling scope changes, and vulnerability to unforeseen conditions limit its effectiveness in complex, long-term projects. An analysis of international experiences reveals that while EPC is efficient in managing the construction phase, it fails to align design and construction behaviors with maintenance requirements and actual lifecycle costs due to the absence of operational performance integration. Consequently, this research concludes that the lessons learned from EPC applications highlight an urgent need to transition toward more integrated and performance-based models, such as Design-Build-Operate (DBO) and DBOM. These models incorporate operational responsibilities into the contractual architecture, enabling data-driven governance, effective risk allocation, and comprehensive lifecycle management. This paper underscores the necessity of rethinking the role of EPC and its position within the hierarchy of modern contracting paradigms.