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Industry Glossary Term

Sealed Bid

A confidential tender submission where subcontractors submit pricing without knowing competitors' rates. All bids are opened simultaneously by the hiring company. This process is common in public sector and large operator contracts across oil and gas and construction.

Related Terms

Frac Sand Hauling

Industry

The trucking of proppant (silica sand) from storage terminals to active frac sites. Subcontractors operate on tight dispatch schedules to maintain continuous sand supply during pumping operations. Contracts often include standby rates for wait time at the wellsite.

Waterflood

Industry

A secondary recovery method where water is injected into a reservoir to push remaining oil toward producing wells. Subcontractors support waterflood projects through injection well services, pump maintenance, and water handling infrastructure. Work scope can be long-term, offering stable recurring contracts.

Multi-Zone Testing

Industry

A well evaluation process where multiple reservoir intervals are tested separately in a single wellbore operation. Subcontractors must coordinate pressure testing, fluid sampling, and equipment rigging across several zones. Scope changes between zones can affect crew hours, tool rentals, and invoicing significantly.

Custody Transfer

Industry

The formal handover point where ownership or responsibility for a measured quantity of oil, gas, or other product moves from one party to another — typically triggering billing, invoicing, or contractual obligations for subcontractors involved in metering, transport, or handling operations. Field service crews working custody transfer points must ensure measurements are accurate and fully documented, as discrepancies can directly affect client invoices and liability.

Rig Count

Industry

The number of drilling rigs actively operating in a region. Published weekly by Baker Hughes, the rig count is a leading indicator of activity levels in the oil and gas industry.

Pumping Station

Industry

A facility that moves oil, gas, or water through a pipeline using mechanical pumps. Subcontractors are frequently mobilised here for maintenance, inspection, and equipment upgrades. Work scope often includes rotating equipment, instrumentation, and civil trades.

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