The oil and gas industry is probably one of the richest industries in the world. Despite its rigid regulation, business tycoons and capitalists are willing to defy the risks to get involved in this moneymaking business.
Why not? While this industry needs capital and associated with risks, it also means huge profits. What you need is to know how to begin and how to go about it.
So, what exact business are you going to try within this industry? Here are the five moneymaking business ideas that you may like to consider running:
- Transit and logistics
Hauling of oil and other petroleum products from depots to the different areas is a good business with high returns. In this line of business, your establishment should focus on the safe and efficient implementation of schedules, dispatching and distribution of the products. A small manpower should include well-trained and skilled individuals, and are dedicated to their jobs to ensure timely delivery and quality service to your clients.
- Oil & Gas filling and refilling stations
Do your study, look for the best location and try to make a achievability study before setting up your station. Setting up a fuel station could be a little time consuming, but when everything is ready, your investment will be rolling and gaining profits. The whole oil and gas industry might be oscillating every now and then, but while vehicles are running and other industries are using fuel and gas, expect to branch out in the next few years.
- Oil drilling and exploration
The process of putting up this business is rigorous and long as it involves government permission. Of course, you will need highly qualified and knowledgeable individuals to comprise your technical team, those with expertise on this field. And also, there is the procurement of heavy machineries, like the oil well and drilling equipment, and the like.
- Offshore oil trading
This is one of the most popular business in the oil industry. This will require enough capital and mechanisms. Oil merchants like you will have to make business mostly on country borders where oil shipping tankers are allowed. But just remember that this type of business involves risks but when you know how to make a deal, you will earn big profits.
- Consultancy Firm
You may consider putting up a consultancy firm and help rich investors who would like to know how to start an oil and gas business. With your expertise and experiences, your services will be very helpful in determining the right business for them and how they will make it through.
Author: Brandon Peters
Editor: Gesture Chidhanguro