Starting Oilfield Business
If you want to start an oilfield business, the ideal structure is corporation. This will allow you have access to a larger capital. Finding the oilfield is the hardest and will entail intensive research, studies, and evaluation.
Invest on a surefire location and comply with the legal requirements of the business.
Many big time companies were able to generate wealth through oil businesses. If you have the same passion, you might want to consider starting an oilfield business. Today, oil prices are skyrocketing and the petroleum products are the most expensive. Having your own oilfield business can put you at an advantage. With this type of business, you must know the environmental implications to prevent any problems. You should also look into the competition in the market before you proceed with startup. You can guarantee success if you’re located in any of these countries – Canada, France, Germany, Iran, Iraq, Italy, Nigeria, Norway, and USA.
How to Start Your Own Oilfield Company?
In this type of business, you should know what an oilfield is. To succeed in this type of business, you must be able to spot your very own oilfield. Under the ground, you will find rock areas that contain gas or oil. The field is usually around 10 to 20 km wide. This is the hardest part when starting this business but once you find an ideal location, you can proceed with startup. It would be best if you work in any of the relevant fields to gain some experience. With knowledge and experience, you will be able to succeed.
This is a big business and its best if you incorporate. You will need a hefty sum for the capital alone and there is still the possibility that you won’t find any oil in a particular field. With a capital intensive business, you must conduct a thorough study of the area and create a feasibility study. You shouldn’t start with the drilling tasks unless you’re very sure that there is a deposit of underneath; otherwise, you can lose a lot of money. In this business, you will also need a lot of equipment like trailers, trucks, generator sets, etc. You will also need an office where you can conduct all operations of the business.
There are many requirements that you need to comply. Oftentimes, a business license is not enough. You will need to secure special permits and licenses from the state or country where you live in. You have to check with Minerals Management Services (MMS) because this is the agency that handles natural gas or oil. A drilling permit is needed and should come from the said agency. You will also need to secure an Employer Identification Number, business license, and other permits. When you have addressed these things, you can now hire employees and train them. In due time, you can open your oilfield to the whole world.
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