Oil & Gas U.K. launched an online portal for oil and gas companies in the United Kingdom to share their experience of efficiency successes and challenges.

The Rapid Efficiency Exchange (REE) highlights individual companies’ successful efforts to improve efficiency, with a searchable online repository of best practices. It also includes a dashboard of efficiency, cost and safety indicators across the industry, and provides a space for companies to share challenges in improving efficiency — problems that the sector could tackle together.

Oil & Gas U.K.’s Efficiency Task Force, which is behind the REE, aims to drive pan-industry improvement in efficiency by encouraging cooperation and focusing on value-adding initiatives to create a sustainable sector. These initiatives will encompass three themes: business process, standardisation, and co-operation, culture and behaviors.

Stephen Marcos Jones, Oil & Gas U.K.’s business development director, said: “Concerted action by companies to address the business difficulties resulting from high costs and low efficiency is well underway. We hope the REE will prove useful in sharing the successes so that they can be implemented more widely and in communicating challenges for solving through co-operative working.

“Long term change will only come about through real co-operation between operators, major contractors and SMEs, embedding new ways of working and creating new business models.”

The initial version of the portal is publicly available and hosted on the Oil & Gas U.K. website.