Companies participating in the OREDA JIP are granted access to the complete electronic OREDA database and its specialised OREDA software which allows for advanced search and sorting options. The database also contains data from OREDA phases VIII and IX, which is not included in the handbook.

Lost production and poor equipment reliability represent a high industrial cost. Even though most failure events are not catastrophic, increased clarity as to the causes of failure events is a key to prioritising and implementing corrective maintenance actions. This may include the opportunity to optimise the timing of equipment overhauls and inspections, the content of maintenance procedures, as well as the life cycle costing. This will result in sustainable improvements in reliability, leading to improved profitability and safety.

The use of OREDA reliability data as part of the decision grounds has in two cases saved participating oil companies a total of $70 million by replacing the original design. Similar savings have also been reported by other companies using OREDA reliability data.

The members of the OREDA JIP are obliged to collect and share relability data with the remaining members according to the guidelines for data collection. This also includes submitting reliability data with a certain frequency. The member companies are also subject to an anual members fee.

The general objective of OREDA is to provide a sund basis for imrpoving safety and cost-effectiveness in design and opreation of Exploration and Production (E&P) facilities, both on- and offshore, through the collection and analysis ofmaintenance/operation data in order to establish a reliability database and exchange reliability data and technology among the participating companies.
Other benefits resulting from the collection and analysis of RM data include improvements in decision-making, reductions in catastrophic failures, reduced environmental impacts, more effective benchmarking and trending of performance, and increased process unit availability.
The equipment manifacturers are also dependant on the experienced reliability of their products in order to detect weaknesses that can be used for improving their design.

OREDA has provided a sound basis for boosting reliability technology and collecting and exchanging reliability data through the establishment of common standards and references for reliability information, development of guidelines and software for data collection and analysis and publication of reliability data and know≠how.

Two examples reported by the participating oil companies refer to total savings of $70 millions for alternative designs in comparison with the original designs. Similar savings have also been reported by other companies. Reliability data were not the only basis on which the decisions were made, but they did provide better grounds for selecting a good design.