Properly managing used oil is important for four main reasons:
Now I believe that the list above will serve as a source of inspiration to you that there is money in the oil and gas sector. All you need is the will to succeed, and the technical know-how of the business you want to venture into. So without wasting your time, below are some profitable business opportunities in the oil and gas sector.
I want to repeat what I said earlier that the oil and gas industry is a strictly regulated industry, so you might be faced with challenges of getting licensed or accreditation.
Oil Drilling and Exploration Venturing into oil and gas exploration is the most risky but profitable business in the petroleum sector. To venture into this field, you will need massive amount of capital, heavy machinery, a highly competent technical team and an approval from the government.
Equipment Leasing Now if you lack the financial muscle or capacity to venture into oil exploration, you can still tap into the wealth by setting up an equipment leasing company specifically to serve the petroleum sector. Petroleum Refining Another profitable business in the oil and gas sector is petroleum refining.
Now you can setup your own small private refinery and compete with the giants, since oil is a commodity that has no unique selling point. For instance, with the deregulation of the downstream sector in Nigeria, and the current upstream deregulation plus the planned subsidy removal; setting up a private refinery is the next business that will kick off in Nigeria.
Crude Oil Exportation 5. If you have the financial capacity and logistics to buy these products offshore at a bargain, you can make some profits from the margin 7. In this case, you will need to build massive tank farms or reservoirs to store your products as you will either import your own products, or source your products from the local refineries or buying from the oil tankers.
Fuel Haulage and Logistics Do you want to operate a business in the oil and gas sector but you want to avoid the hassles of getting a license and the strict compliance required to run an oil company?
Then you can simply purchase trucks and haul petroleum products for marketers from the depots to their desired destinations.
Petrochemicals refining — You can also venture into the production of petrochemicals such as Benzene, Ethylene, Ammonia, Toluene, etc.
Domestic Kerosene Retailing Just recently, I have started seeing mini fuel stations with just a pumping machine; within some streets in Lagos, Imo and some others states.
This mini fuel stations are simply retailing Kerosene to households and domestic users. But remember that you must be licensed before you can start this business.
Gas Wholesaling and Retailing — You can also setup a gas plant, or a wholesaling point. Or better still, you can retail domestic gas like ethane and butane, etc.
Petroleum Supply on Contract Basis You can also supply AGO Diesel to companies that run heavy duty power generators like banks, manufacturing firms, telecom companies, etc. You can also supply aviation fuel to airlines on demand-and-supply basis.Inventory for an oil change business consists of oil, oil filters, fuel filters, air cleaners, transmission fluid, antifreeze, power-steering fluid, .
19+ Oil & Gas Small Business ideas & Opportunities for What is the best business to start in the oil and gas sector in ?
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Aug 29, · Business & Industry; Visitors; Veterans; A copy of CCRI's used oil management plan may be reviewed by employees. It is located in the offices of the Security and Safety and Campus Police Department and in the office of the Director of Administration. At this facility, we generate used oil from routine maintenance of .