From the exploration and extraction of oil and gas to their refining, transportation, distribution, and marketing, the oil and gas industry is a global powerhouse. However, there are still opportunities for smaller oil and gas businesses with fewer startup costs.
Succeeding in the oil and gas industry requires understanding how different entities change and function.
Addressing energy security and price instability is essential to regional economies. Oil and gas are responsible for approximately 60% of global energy consumption daily, making this a vital and multi-faceted industry that affects us all.
You may like to read:Â These 20 Oil and Gas Business Ideas Will Get You Started
List of 10 Oil And Gas Business Ideas
If you are a new entrepreneur, the following oil and gas business ideas offer great potential for profit. With proper planning and research, anyone can start an investment in this lucrative industry.
#1. Oil Consultancy
The oil and gas industry is expansive. For those familiar with and experienced in the realm, oil companies tend to solicit expert opinions on numerous topics.
You can even create a blog and post content related to areas that you specialize in; consequently, those looking for your expertise will be able to contact you for consultation services.
#2. Cooking Gas Distribution
The business of distributing cooking gas or LPG is profitable within the oil and gas industry. Some capital investment is needed to get it up and running, along with acquiring essential permits from governmental agencies. It goes without saying that the market for cooking oil distribution keeps rising.
#3. Filling Station
In the past decades, the filling station/petrol pump industry experienced rapid growth due to skyrocketing demand for fuel, prompted by the automobile industry’s tremendous growth.
To succeed in the filling station business, it’s essential to have a great location, expertise in commercial operations, effective marketing tactics, and a variety of services.
#4. Gas Station
Starting a gas station combined with a convenience store and services such as car detailing or auto repair is a profitable oil and gas business idea with relatively low capital investment. This can be done in both large cities and small towns.
#5. Kerosene Retailing
Setting up a kerosene business can be a highly rewarding venture. It’s easy and inexpensive to enter the market, so look into the potential of selling kerosene in your local area for domestic use first.
#6. Lubricant Oil Production
With a large financial investment, you can start producing lubricant oil, which is an imperative component of engines. As car populations and industrial technology wend their way up, the demand for this oil is also skyrocketing.
#7. Oil & Gas Consulting
With your extensive knowledge and experience in the oil and gas industry, you could offer consulting services for this sector, including manufacturing and marketing advice.
Potential areas in the oil and gas industry include exploration, production, midstream services, refining and marketing, oilfield equipment manufacturing, and more.
#8. Oil & Gas Exploration and Drilling
If you live near a lot of natural oil and gas reserves, you might want to consider starting an exploration and drilling company. Performing geologic analysis to determine high hydrocarbon volumes is key in this capital-intensive, high-profit business.
#9. Petrochemical Refining
Refining and petrochemicals take crude oil and natural gas to create intermediate or final products that can be used to make chemicals.
Petroleum refineries are vast industrial buildings that require a number of processing units and supportive features, such as utility systems and tanks, to run efficiently.
The refining processes used by refineries must be tailored to the geographic location, desired output, and cost.
#10. Petroleum Logistic Service
Hauling fuel or providing petroleum logistics is one of the most profitable oil and gas businesses in transportation.
It involves specialized, value-added services around imports, exports, and any type of transport, making it a highly sought-after business in both trading and logistic distribution.
The oil and gas industry is one of the biggest in the world with massive revenues, yet significant costs for supplying energy to customers.
To gain success within it, strategic planning, management, and know-how are all essential. This list of oil and gas business ideas will aid in determining an appropriate new venture into the industry.
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