A new task force to boost efficiency in the North Sea has been launched.
The Efficiency Task Force (ETF) aims to make the oil and gas sector more competitive and increase economy recovery at the UK Continental Shelf.
Oil & Gas UK is leading the task force which will focus on delivering “behavioural change” to compete with lower oil prices.
It will also look to simplify business processes and drive standard solutions to lower costs, accelerate delivery and reduce operational complexity.
In order to share resources and good practice between companies, it will review the day-to-day operations of the industry and analyse how they can work together.
It will also work on help to tackle the efficiency of compression systems which account for production losses of 20 million barrels per year.
John Pearson, Oil & Gas UK Co-Chairman said: “Tackling efficiency has been at the forefront of industry minds for some time – but has become more acute and urgent as the value of our end product has more than halved in the last year.
“We now need to step up, increase the effort and resource we’re putting in and get the job done as a united industry.”