Do you need a sample oil and gas business plan template?
However, with the right resources it does not have to be a tedious or frustrating chore. If you are educated and experienced in the oil industry, determine your strongest skills. The ever-evolving and highly lucrative oil and gas industry presents exceptional opportunities for enterprising entrepreneurs to create new businesses.
Determine if you want to be a service company, distributor of retail or wholesale supplies and parts, a consultant or independent exploration company. You may decide to sell oil field parts, petrochemicals and supplies, start an oil field service company radiometrics, seismic, oil and gas well drilling, oil well completion, water or waste disposal or an oil well pumping service or open an oil and gas lease brokerage firm.
Once you have decided on the type of new business your wish to open, determine the proposed size and scope of the venture. Next, determine the amount of employees required and the training and experience they will need to successfully do their jobs.
You may need to hire geologists, chemical engineers, oil field workers and office support staff. Evaluate the market for your products or service.
Research competitive oil and petrochemical companies based in your local area. Determine if you can compete with their prices, service and established business reputation. Select a name for your new business.
Choose a name that clearly identifies your petroleum product or service and is easy to remember. Contact the state corporation commission, in the state where the business will be headquartered, to determine if the name is available. If is is available, register the business name with the state. Prepare a complete and detailed business plan.
List all assets and liabilities. A business plan will be required for loan applications and serve as a "road map" to follow as you proceed through the steps necessary to open for business. Small Business Administration website to obtain a sample business plan and helpful new business guidelines and references.
Seek the advice of your business attorney or tax attorney to determine the organizational structure of your new oil business. You may elect to be a sole proprietor or form a partnership or corporation.
If you are advised to form a corporation, contact the state corporation commission to obtain an application for incorporation. Your EIN will be required for all federal tax returns and banking relationship. Contact your state department of revenue to secure a state tax identification number.
If you are selling retail petroleum products, you may also need a state sales tax number or vendor permit. Contact your state department of licensing to obtain a business license.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 . Whitewater Oil Gas & Minerals Inc. is a business, and to that end its mission is to grow and expand while, at the same time, awarding its investors the greatest return possible.
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The purpose of this business plan is to raise $, for the development of a private oil business while showcasing the expected financials and operations over the next three years. Oil Company, Inc. (“the Company”) is a New York based corporation that will extract oil .