Perhaps you are drilling engineer and your friend is a geologist. Or someone you have been working in the oil and gas for quite sometimes now. You done a lot great job for your employees.
Now you need flexibility, You don’t want to work for someone else. You want to make a big impact to the community while enjoying the flexibility and financial freedom.
In another word . You want to become your own boss. Perhaps you have been thinking of it since you started a career in oil and gas sector. But you have no idea how to get started.
Below you will find step by steps guide that will help you start your own exploration and production company any time you ready.
Table of content
- What oil and gas exploration and production companies do
- Two reasons why you should set up your exploration and production companies in Tanzania
- Three steps to start oil and gas exploration company
What’s Exploration and Production Companies do
Before we go any further let me tell you in a child language what the oil and gas exploration companies do.
Oil and gas exploration and production companies search for oil and gas resources and bring them to the surface so as can be processed and delivered to the consumers or end users.
The potential In Starting Your Oil and Gas Business In Tanzania
The reasons you need to start your own oil and gas exploration business in Tanzania is that Tanzanian is an emerging market. So many resources are untapped
1’Natural gas resources in Tanzania is abundant
Although Tanzanian has 57.27 trillion cubics of natural gas. But the US geological survey points out Tanzania has potential natural gas reserves up to 441 trillion cubic feet, solely in the coastal region.
So is the best opportunities to pursue new oil and gas reserves and explore for these oil and gas resources. As more natural gas discoveries might be forthcoming. If you set up your own oil and gas company in Tanzania
The new administration of president John Magufuli that Intend to tackle corruption in all sectors (including oil and gas sector) will give room for new investor to grow and gain access to permit and license that were made difficult to get.
How To Your oil and Gas Exploration and Production Company In Tanzania
Step 01:Funding your start-up oil and gas exploration company.
The simple truth is oil and gas projects need money. A lot of it. But limited start-up money is not an excuse to achieve your goal of owning and operating exploration companies.
Because many and gas entrepreneurs , started their oil and gas business with limited capital.
You need to learn how oil and gas entrepreneurs raise money for their business and follow the path.
So if you are wondering how to find money for your start up. Here are an options available for the oil and gas entrepreneur to go into oil and gas business.
This is the means of raising money by providing a share of your business to the investors. The investor who raises some money for your business will become a shareholder of the company, so they will have to say in your business and take an ownership interest in your business. So if business make profit, they will receive part of it
This is the best way to finance your oil and gas startup because you don’t need to pay it back, also you tap into investors network which adds credibility to your business
Another option is to raise money for your oil and gas business is debt (borrowing) this is money you borrow to finance your business. Bank borrowing can be a little bit frustrating particularly when you are small business starting out. Although if you have a strong business plan you keep a good relationship with your local bank. Your bank will lend you money.
Step 02: Hire The Talent
So you have money right now. Then you should hire the best people in your organization.
Despite the fact, there are a lot of talents available to hire out there but attracting the right person for the right job is harder than you think and should be done with carful planning.
Look for candidates that are problem solvers, flexible and passionate about the industry. You can also look for the retired professional who still has passion for bringing solution in the organization
Step 03:Get License and Permit
In Tanzania, the Tanzania development Corporation (TPDC) is the government organization that is grant licenses and enters will enter production sharing agreement (PSA)with you.
Good Lucky To You
Now you are done. Work early, go and strike Gas. Solve energy challenge in Tanzania and turn these resources into high-profit margins.