Drilling for oil and natural gas has become a lucrative business. While many consumers are familiar with the large oil companies who sell commodities directly on the market, few know that these large oil conglomerates actually outsource most of the manual labor required to extract natural resources from the ground. Oilfield service companies are responsible for the day-to-day acquisition of natural resources through drilling.
Starting your own oilfield service company can be a great way to get into the natural resource market. Here are three types of companies that you can choose from when starting your own oilfield service organization in the future.
1. Deep sea rigging company.
On a planet that is roughly 71% water, rich oil reserves are bound to be located underneath the water's surface. Drilling in deep sea conditions can be a challenge, but oilfield service companies that are able to do so can become extremely profitable in a relatively short amount of time.
If you are able to secure the permits necessary to drill on any one of the most coveted offshore petroleum reserves across the globe, then starting a deep sea rigging company could be your best option for success.
2. Drill rig leasing company.
If you don't want to incur the cost of running drilling rigs yourself, you can always start an oilfield company that specializes in leasing existing drill rigs to smaller oilfield service companies. These smaller companies might not have the capital required to construct drill rigs on their own.
Authorities estimate that the average cost of setting up an oil drilling rig can range anywhere from $20 million to upwards of $1 billion. By setting up drill rigs yourself, then leasing them out to smaller companies in exchange for a percentage of the profits, you can amass a large number of drill rigs with none of the overhead cost required to actually run these rigs yourself.
3. Resource locator company.
Before a drilling rig can be established, there must be evidence that oil or natural gas is present in a given area. You can create an oilfield services company that provides resource location services for larger companies across the globe.
Using advanced technology like seismic imaging to accurately pinpoint the location, size, and depth of a resource reservoir gives you the ability to specialize in this vital service. Establishing a resource locator company can be an affordable way to get into the oilfield services game in the near future.
Taking advantage of the money available in oil and natural gas production doesn't have to be impossible. Start an oilfield services company specializing in deep sea drilling, rig leasing, or resource location, and you will be able to become profitable in the future.