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Industry Glossary Term

Ip120 (initial Production 120-Day Rate)

Related Terms

Telematics

Industry

A system that tracks vehicle and equipment location, usage, and performance data in real time. Subcontractors use it to monitor fleet activity, verify hours worked, and support billing accuracy. It also aids compliance with safety and maintenance requirements.

Production Liner

Industry

A casing string run inside an existing wellbore to line the productive zone without extending to surface. Subcontractors are often mobilised for liner running, cementing, and pressure testing during completion operations. Work is typically time-sensitive and tied to rig-day rates.

Frac Campaign

Industry

A scheduled series of hydraulic fracturing operations across multiple wells or stages within a defined period, representing a concentrated burst of work that subcontractors must plan for with adequate crew, equipment, and supply chain capacity. For field service companies, winning a spot in a frac campaign can mean weeks of steady, high-volume work but also demands tight mobilisation timelines and the ability to scale up quickly.

Physical Oil Price

Industry

The actual market price paid for real barrels of oil delivered at a specific location, as opposed to futures contract prices. For subcontractors, client budgets and contract award activity closely track physical oil prices. When physical prices drop, project deferrals and rate pressure often follow quickly.

E&P (Exploration and Production)

Industry

The upstream segment of the oil and gas industry covering the search for and extraction of hydrocarbons, representing the primary client base that hires field service subcontractors for drilling, completions, well servicing, and site construction work. Understanding whether a client operates in E&P helps subcontractors anticipate project cycles, budget timing, and the boom-and-bust demand patterns that directly affect contract volumes and payment schedules.

Hydrovac

Industry

A truck-mounted unit that uses pressurised water and a vacuum system to excavate soil safely around buried utilities. Subcontractors are frequently hired for hydrovac work on pipeline, civil, and utility projects. It is preferred over mechanical digging in areas with high strike risk.

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