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Industry Glossary Term

JV (Joint Venture)

A formal business arrangement where two or more companies partner to pursue a specific project or contract, which can affect subcontractors by changing who issues purchase orders, approves invoices, or holds liability on site. Field service companies should confirm early which JV partner is the contracting entity to avoid payment delays or scope disputes.

Related Terms

Energy Transition

Industry

The global shift from fossil fuels toward renewables, hydrogen, and lower-emission energy sources. For subcontractors, it means new project types, updated certification requirements, and evolving client scopes. Diversifying skills into solar, wind, or carbon capture work helps firms stay competitive.

Heavy Crude

Industry

Oil with high viscosity and density, requiring specialised handling equipment and heat-assisted extraction methods. Field crews working heavy crude sites often face more demanding maintenance schedules and equipment wear. Subcontractors should factor in higher mobilisation and operational costs when tendering these projects.

Carbon Dioxide Treater

Industry

A vessel or system used on oil and gas sites to remove CO2 (Carbon Dioxide) from produced gas or water streams. Subcontractors are often hired to install, service, and inspect these units. Proper handling requires H2S and pressure safety training.

Unconsolidated Formation

Industry

Loose, weakly bonded subsurface material — such as sand, gravel, or soft clay — that hasn't hardened into solid rock. These formations create unstable borehole conditions, increasing risk of collapse and equipment loss. Subcontractors drilling or excavating in these zones often face additional scope, specialised equipment requirements, and potential cost disputes.

TVD (True Vertical Depth)

Industry

The straight-line vertical distance from surface to a specific point in a wellbore, regardless of how the well is drilled — subcontractors working on directional or horizontal wells need to reference TVD (not measured depth) when scoping equipment reach, calculating hydrostatic pressures, or verifying work zone depths on service orders.

NGL (Natural Gas Liquids)

Industry

Hydrocarbons extracted from natural gas, including propane, butane, and condensate. NGL facilities and pipelines generate steady subcontract work in processing, instrumentation, and maintenance. Understanding NGL handling requirements helps crews meet site-specific safety and equipment standards.

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