Owners of independent James River Coal Company Ceo exploration companies need How To Start An Oil Company, Too and vision.

The search by geophysicists and geologists for underground petroleum deposits is the first step in bringing refined products to consumers. Exploration methods have become highly sophisticated since the industry's early days in the 19th century. Searches for offshore deposits are very expensive, and only major corporations can afford to lease them.

In the United States, onshore deposits are in private hands and small, independent exploration companies are able to gain access to them. Organize a group of colleagues with financial, business and technical abilities who want to start an independent oil exploration company. Your objective in forming the company is to locate subsurface traps that could contain petroleum deposits. As a first step, hold discussions about drilling sites that are available for lease and the feasibility of profiting from finding and selling crude oil to an oil company for refining.

Write a business plan. The act of writing the plan will force team members to consider important issues before commencing operations. Include the time frame, budget and geographical limitations. List outside resources such as geophysicists, drilling companies and personnel services that you can use as needed.

The business plan should contain information about How To Start An Oil Company potential drilling sites. Include information from historical records about expected costs. During your research, learn about current pricing of oil in your expected drilling area.

Form a legal entity. Members of the group will want to consider shielding themselves from personal liability. Options include forming a limited liability company LLC or an S corporation. How To Start An Oil Company are flexible entities with elements of both partnerships and corporations. S corporations elect to pass income and losses on to shareholders for federal income tax purposes. Register the entity with the state and obtain the required business license.

If the entity is a corporation, issue shares to the stockholders. Decide on an exploration site. Permits will contain local requirements for environmental impact studies. Your attorney, who should have experience in oil exploration, will prepare the proper lease documents. Subcontract with technical operators as needed. For example, a geophysical firm can obtain seismic measurements to estimate the properties of the subsurface at the site. Modern 3D seismic technology greatly eases the interpretation of data.

Drill several exploratory wells on the site if your seismic data yields strong enough evidence of a subsurface Statt that could contain sufficient oil to warrant going forward. If your estimate of reserves is sufficient, hire a drilling company for this purpose and have all necessary supplies and equipment on hand for well capping and containment of oil in storage tanks.

Have a plan for containing and transporting any natural gas that is present in your site's reservoirs along with the expected oil.

Your company may have to build Okl into the site. You will need trailers or other structures for offices and living accommodations Compan workers and supervisors. The site should also contain adequate communications capability. Charles Crawford, a former commercial banker, has been a business writer in New York since Skip to main content. Tip Hire an attorney who has experience with Compqny, documentation and legal issues in the petroleum industry. Warning Be sure that your team members and key supervisory personnel have industry experience and the right skills.

Oil exploration is not an activity for learning on the job. About the Author Charles Crawford, a former commercial banker, has been a business writer in New York since Accessed 05 March Crawford, Charles. Small Business - Chron. Note: Depending on which text editor you're pasting into, you might have to add the italics to the Oill name.

How To: Start An Oil Company - AskMen

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