Concept:
Let
\[
P(\text{Success})=p
\]
and
\[
P(\text{Failure})=q.
\]
Since success and failure are complementary events,
\[
p+q=1.
\]
Step 1: Translate the given condition.
The experiment succeeds twice as often as it fails.
Therefore,
\[
p=2q.
\]
Step 2: Use the complementary relation.
Substituting \(p=2q\) into
\[
p+q=1,
\]
we obtain
\[
2q+q=1.
\]
\[
3q=1.
\]
\[
q=\frac{1}{3}.
\]
Step 3: Find the probability of success.
\[
p=2q
=
2\left(\frac{1}{3}\right)
=
\frac{2}{3}.
\]
Conclusion:
\[
\boxed{\frac{2}{3}}
\]
Hence, the correct answer is Option (B).