The oil and gas industry has long been an important business sector around the world. Over the years, the demand of energy sources is increasing, so the industry hasn’t reached its peak yet.
No wonder people are dying to start an oil and gas business. But what they don’t know is that only a few of these businesses can be managed smoothly.
Some have too many issues. Some can take too long for you to see an ROI. And there are many other factors affecting these businesses.
So, if you want to start an oil or gas business, read on because we’ll talk about the ten most profitable businesses that you can start in the oil and gas industry.
Drilling and Exploration
This business is great for people that can afford investing a LOT of money in the startup. With that said, starting this business can be risky, but it’s one of the most profitable businesses there is in the oil and gas industry.
Fuel is stored in tank farms. Since many oil and gas companies operate without tank farms, building an oil farm business will prove to be valuable for them. Although the startup cost is large, it’s very easy to operate.
Exporting crude oil is already a necessity for the oil and gas industry. You only have to possess money equivalent to the volume of crude oil you want to export, and you can run the business just like that.
Oil and Gas Mediator
Whenever vendors in the oil and gas industry make a deal, the one serving as their intermediary will earn a commission for every successful transaction. That means you don’t have to invest a lot of money.
Maintenance and Servicing
This is probably one of the most profitable businesses you’ll find in the oil and gas industry. Companies will always need to fix and maintain their facilities and that would be your job. Although you need sufficient knowledge in maintenance and servicing to start this business.
Companies in the oil and gas industry can be very busy at times. That’s why serving as a recruitment agency for them will save them a lot of time with hiring workers and in turn, earns you a lot of money.
Exporting can be done through papers and documents. Shipping is different because you’ll have to purchase large vessels that will be leased. That way, you only have to do maintenance while you earn money through crude oil exporters.
Petroleum refineries are a necessity to the oil and gas industry. However, a surprisingly large initial cost is needed just to setup a refinery. However, you can also expect that like drilling and exploration, there’s a huge profit to be made.
Just like you, many people are finding ways to build or start businesses. That can be challenging for them, so agencies that are willing to consult them are paid handsomely for the tips they provide.
With a large startup cost, you’ll earn a large amount of money, and vice versa. You don’t have to be afraid to start big, the same way you don’t have to be ashamed to start small. The most important factor is your willingness to grow your business.