The days of setting up an oil company in your own backyard are long behind us. And, the vast majority of people wouldn’t give it a second thought in the current climate. However, if you are looking for something different in life and want to enter a lucrative business, this little guide might change your mind.
Before we get stuck into the finer details, it’s important to understand that not everyone can just set up an oil drilling company. You will need a lot of capital behind you to get started – and you might find you will have more success by moving abroad.
There are plenty of developing countries out there that are enjoying a lot of oil production, so think about moving if you want to achieve success. OK, let’s get started – here’s how to make a big impression as a small oil drilling company.
Find the best team
Your team will be vital in the first stages of getting your business off the ground. We’ve mentioned finances already, so an investor and finance team is essential. You will also need someone with business nous. Once you have oil out of the ground, you need somewhere to sell it, and a business analyst can help. You will also need a lot of technical skill, regarding both locating and extracting your oil. Finally, a lawyer is a must. Drilling can be legally contentious wherever you are in the world. Make sure you are abiding by the laws of the country you are in.
Draw up your business plan
Once you have your team in place, develop your business plan. It will help you focus on the important issues that surround drilling for oil. You will need to estimate your costs as accurately as possible so that you can draw up a sensible budget. You will also need to include a timeframe and project outline. Also, make sure you include any external resources you will need. You might need geophysicists and drilling contractors, for example. At this point, you should ensure you have all your legal obligations covered. Register your company and get applying for any permits you need.
Exploration and drilling
The next step is to nominate some research sites to find your oil. Some drilling will be required at some point, so it’s best to have equipment at the ready. It will be a significant investment. You will need to hire or buy drills, geothermal equipment, and seismic equipment. You should also think about how to take the oil from the ground – so pipes and rotary seals to connect to them are also important. As soon as you strike oil, it is vital to have everything ready to extract it, so you don’t waste time or money.
Containment and transportation
The last piece of the puzzle is to have storage containers ready, and transport to ship out your oil to buyers. You might need to build roads, or even underground pipes to get to the final resting point. As you can see, there is a lot of work ahead. But, play your cards right, and there’s no reason you can’t enjoy the same success as others.