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Oil and Gas Business Plan with Wise Business Plans

Corporate oil & gas business plan development.

The Oil and Gas Business Planning industry continues to make new strides in the United States in the oil and gas companies, and many small business owners are finding ways to leverage the booming industry to create their own success stories. However, it takes more than a smart idea to start your engine and race toward success in this competitive field of petroleum.

Post-Pandemic Recovery

During May 2020, the amount of gasoline supplied to the market increased to nearly 5.9 million barrels a day, up from 5.1 million in the first week of April but well below the typically more than 9 million before the pandemic. On the other hand, gasoline saw a normalizing demand at around 55%, which improved by 64% during mid-2020. Industry experts expect a slow but steady recovery during 2021, giving hope to the industry operators.

Oil and Gas Business Planning

Key Components of Petroleum Business:

Key Components of Petroleum Business

How To Get Into The Oil Business

How to Get Into Oil Business

In the oil and gas sector, starting your own company requires a lot of capital, time, and expertise. Even so, as this industry produces multi-millionaires and yields a higher ROI than in any other industry, all your troubles and efforts will be worthwhile.

You should focus on these things if you have previous experience in this area and want to know how to start an oil company.

1. Decide Where to Invest

You can have a filling station or you can drill your wells in the oil and gas industry. One can choose from a variety of options: a service company, a product company, or a company that cleans up oil spills.

It is important to determine your motivations and strengths before making any detrimental moves in this field. Getting a sense of the amount of capital needed can help you make the right choice.

2. Make an Oil and Gas Business Plan

You need to make a detailed oil & gas business plan and list all your resources and liabilities after deciding what you want to focus on. It is imperative to include all the projected operating expenses in your petroleum business plans, such as insurance, permits, licenses, salaries, and ongoing expenses.

A business plan for an oil and gas company will serve as a blueprint for your business. Your business plan will be a valuable tool if you are considering applying for a loan or wish to attract investors. In case you have no prior experience creating business plans , In case you have no prior experience creating business plans, you can hire us to assist you.

Do You Need Help in Creating a Business Plan?

If you need a business plan writer , you no longer have to worry about the complexities of writing a professional business plan. Our MBA-qualified business plan writers have written over 15000+ business plans for over 400 industries in over a decade.

Let our professional business plan writers help you get funding

3. Identify Your Investors

Once you’ve decided what type of oil business is right for you and calculated the loans and funding you’ll need, the next step is to make sure you can get a fair loan.

To run any company in this field, you will need a fair amount of capital from the very beginning, so you may have to consider finding investors. Don’t worry about the capital Here are 7 ways to raise capital for getting into the oil business:

Pro Tip: Here is a step by step guide on 5 best places to find a venture capitalist

Wise Business Plans has decades of experience in early-stage investments, so we will help you get your first venture capital investment .

Do You Need Investment?

4. check the regulations.

You should check all the relevant regulations, licenses, and permits , as well as your tax identification number, before starting an oil business. You may be aware of some of them from previous experience, but you should always consult a business or tax attorney when addressing legal issues.

Do You Need a License to operate an Oil and Gas Business?

Wise business plans have eased the process to obtain a business license, which is generally necessary to operate an oil and gas business.

Let Wise help you Get your License to operate an Oil and Gas Business

5. Form a Legal Entity

Those in the group will want to shield themselves from personal liability. You can form a limited liability company (LLC) or an S corporation. An LLC is a flexible entity with elements of both a partnership and a corporation. To simplify federal income tax matters, S corporations elect to pass income and losses on to shareholders.

Need to Register an Oil and Gas Business?

We at Wise Business Plans provide you with a wide range of business formation services for incorporating a company in a way that makes the process easy and allows you to stay focused on other important tasks. Our business formation services include

You can form your business entity in just 4 Simple Steps with Wise Business Plans

Open a Business Bank and Get Credit Cards

Personal asset protection is enhanced when you open specialized business banking and credit accounts.

When your personal and professional accounts are mixed, your personal assets (your home, automobile, and other valuables) are vulnerable if your company is sued.

Furthermore, learning how to establish business credit may assist you in receiving credit cards and other financial resources in your company’s name (rather than yours), improved interest rates, greater lines of credit, and more.

6. Set up a Business Bank Account.

Apart from being a requirement when applying for business loans, establishing a business bank account has several benefits.

Recommended: To discover the greatest bank or credit union, read our Best Banks for Small Business review.

7. Open Net 30 Account

To establish and grow business credit, as well as improve company cash flow, net 30 payment terms are utilized. Businesses purchase products and pay off the whole amount within a 30-day period using a net 30 account.

Net 30 credit vendors are reported to the major business credit bureaus (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is the way businesses build business credit to qualify for credit cards and other lines of credit.

Recommended: Read our list of the top net 30 vendors guide to start getting business credit or simply open your net 30 account with wise business plans in seconds.

8. Get a Business Credit Card

It’s exciting to open a business credit card for your firm. A business credit card can assist you to establish credit, safeguard your company financially, access rewards (such as cashback), and simplify cash flow. It can also assist you to manage your expenditures.

Recommended: Learn more about the best business cards in our business credit card review.

9. Build a Great Team

When taking on such a venture, human capital plays a crucial role. You must determine how many employees you need to hire and whether they have enough experience and training to do their jobs well.

Here are some useful team-building tips which might help you in building your team.

10. Use Top-Notch Equipment

Make sure you use top-notch equipment to ensure and protect your business and investments. For those who work directly in the oil production sector, it is extremely important to ensure your piping, control, and measuring systems are all up-to-date.

If you plan to start a procurement and supply company, you should include quality general equipment, such as valves, pumps, and generators, along with personal safety equipment. By providing high-quality tubular to your customers, along with other drilling and wellhead equipment, you will stand out as a reliable and conscientious provider.

11. Choose an Exploration Site

Obtain county and/or state permits for drilling and land use. Execute a lease with the property owner and/or the owner of mineral rights once you determine which party owns the property and if there are no prior claims that might affect your exploration.

In case your seismic data indicates there could be a subsurface trap containing significant oil, drill multiple exploratory wells on the site. Provide all necessary supplies and equipment for well capping and storing oil in storage tanks prior to hiring a drilling company for this purpose. 

Ensure that you have a plan for containing and transporting any natural gas and oil that may be present in your site’s reservoirs. Roads may need to be built to access the site. Trailers or other structures are necessary for offices and living accommodations. Communication capabilities should also be available at the site.

Business Planning for the Oil & Gas Sector

Vigilance is more than ever needed in crafting a solid oil and gas business plan. Smart planning showing commitment and consistency in intentions will always win financiers’ confidence. As part of that strategy, we’ve identified several key components that every oil and gas startup business plan must address, including:

Luckily, a properly written oil and gas business plan is a key element to the process that can help your business raise the necessary capital to purchase equipment, hire staff, and cover operating expenses as you plan to enter the Oil and Gas industry .

Oil And Gas Business Plan Writing Services

Wise Business Plans has had the privilege and the opportunity to create oil and gas Companies that support business owners in this foundational industry, and we have worked hard to build up a knowledge base and the research skills needed to be the premier online provider of oil and gas business plans.

When you’re ready to jump into the action, we’d love to help you start strong and make a mark in the world of energy production, so contact us today to get started on planning your future success.

Download a sample oil and gas business plans template for FREE to get an idea of the basic elements of oil and gas startup business plan writing. Also, you can quickly check our FAQ page for some basic questions and answers.

Wise business plans also offer a net 30 account application . Net-30 accounts allow you 30 days to pay the bill in full after you have purchased products. Net 30 accounts can also make managing your business finances easier. Apply for your net 30 business accounts now

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Oil and Gas Business Plan Sample

Oil and gas business plan guide, i. executive summary, business name & location, services & products, mission & vision statements, specific purpose, ii. company description, iii. products & services, iv. market analysis, v. strategy & implementation, vi. organization & management team, vii. financial plan & projections, related posts:, leave a comment cancel reply.

Home » Business ideas » Oil & Gas Industry

How to Start an Oil and Gas Company – Sample Business Plan Template

Are you interested in starting an oil and gas company? Do you need a sample oil and gas business plan template? Do you live in an oil rich region like Nigeria, Angola, Kuwait, United States, Saudi Arabia, Iraq, etc; and you want to legally tap into the lucrative business opportunities in the oil and gas industry ? If you answered YES to any of the questions above, then I advice you read on with keen interest.

The oil and gas industry is one of the most lucrative industries in any economy. In fact, it has created more billionaires in the world than any other industry. However, tapping into this money-spinning market requires huge startup costs, and this is why many entrepreneurs balk whenever they think about taking a plunge.

The process of starting an oil and gas company is more complicated than starting most other types of companies as the industry is strictly regulated locally and internationally. And getting the required startup funding could take time.

Oil and gas production is serious business, so you need to invest lots of money, time, and effort to succeed in the long term. This article explains some basic concepts in the oil and gas industry as well the steps involved in starting an oil and gas company.

Over the years, the oil and gas business has undergone various changes, and now, it has become a much-organized business. It comprises three sectors:

All the sectors are very lucrative, and each has its own fair share of market players. Are you wondering what these sectors mean? Here’s an explanation…

Although several products are made from crude oil, only four of them are in huge demand. These are:

The demand for these four products is high because they are widely used for everyday activities such as transport, domestic cooking, and so on. With the above in mind, let’s now look at the steps involved in starting an oil and gas company.

Starting an Oil and Gas Company – Sample Business Plan Template

Table of Content

1. Define your Business model

2. market research, 3. write your business plan, 4. fulfill the required paperwork, 8. market your oil and gas business.

You need to be clear from the outset as to whether you will be operating within the upstream, midstream, or downstream sector. To make a well-informed decision, you might need to gather more information about the requirements as well as the pros and cons of each and figure out which seems most suitable for you.

There is much more to learn and understand about the oil and gas industry than meets the eye. And since you are planning to join this market as a new player, you need to conduct extensive research to understand the intricacies of the market and pitfalls or challenges that new entrants are likely to encounter.

In addition, an extensive research of the market will help you know the required startup costs, required equipment, competition, strategies for success and other relevant information about the business.

Every business needs a business plan. In fact, oil and gas businesses need it even more as it helps you plan the various phases of the business and increases your chances of success. Although developing your business plan is no guarantee of your business’s success, not having one is the recipe for failure.

Your business plan includes the goals and objectives of your business, required startup costs, operation plan and cost, market analysis and competition, projected income over the first few years, marketing strategy, unique selling point, exit strategy, and other vital information about your business.

Not only will your business plan guide you through the processes of starting and growing your business, but it will also come in handy when you need to procure startup funding from investors , venture capitalists, and loan-issuing institutions.

Starting an oil and gas business requires registering the business and obtaining business licenses and permits. These vary by state and country, so you need to contact the appropriate local agencies to find out what applies in your state or country. Other paperwork includes requesting a tax ID and obtaining insurance.

5. Find a good location

6. Buy and install the necessary equipment

7. Hire employees

We did not go into specific details regarding choosing a location, buying equipment, hiring employees, and marketing your business because how you will implement each of these steps depends on the sector of the oil and gas industry you have chosen to operate in.

For example, the ideal location, required equipment, and suitable employees for a company operating in the upstream sector will differ from those of a company operating within the downstream sector. Yet, this article is meant to be a brief guide, not a comprehensive resource on the topic.

To find out about the ideal location and required equipment for a company in your chosen sector, you will definitely need to consult other resources or contact an expert with years of experience in that sector.

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38 Oil and Gas Business Ideas You Can Start Today [2023]

Interested in starting a oil and gas business in 2023?

We put together 38 of the best oil business ideas you can start today.

We'll show real-world examples of other oil and gas businesses for each oil and gas business idea to help you see what it takes.

Here's the full list:

1. Start a crude oil mining business

Crude oil is a naturally occurring petroleum product composed of hydrocarbon deposits and other organic materials. The largest share of crude oil is used for energy carriers that can be combined into gasoline, jet, fuel, diesel, and heating oils.

The global demand for crude oil is estimated at slightly below 100 million barrels per day.

With the high demand, starting a crude oil mining company could be a profitable business. To start, you will need crude oil mining equipment and a license from the regulatory arm of the government. Ensure you insure your mining equipment and staff, and meet the legal/licensure requirements.

2. Start an oil production business

The oil manufacturing business is highly profitable small scale business and can be started with little money. Oil is used for various purposes like cooking, manufacturing soaps, cosmetics & hair products.

Oil can either be produced at home or in manufacturing units depending on the scale you want. The most important aspect is maintaining consistency in quality & hygiene standards. If that is maintained then you can easily create your own brand of oils & even start exporting.

How Much Can You Make? $29,000/month View all 1 case studies Skills Design Skills Business Savvy Skills Self Motivation Skills Negotiation Skills See More

Hello there! My name is Anusha Moodley, and I’m the founder of Thulisa Naturals. I started the company 5 years ago from my kitchen, using essential oils to make natural bath and body products that support one’s mental and physical well-being.

My business is self-funded, and I started it with a $5K budget. Since the business has grown, I currently make $29K in monthly revenue, with room to grow even more.


3. Start a cooking gas cylinders production

The market research report shows that global natural gas will witness strong growth in the coming decade.

With the increased demand for natural gas comes the demand for gas cylinders used for packaging and transporting natural gas. Therefore, if you want to start a metal business, you may consider manufacturing gas cylinders.

To start the gas cylinder manufacturing business, you should partner with a reliable metal supplier and work with the LPG manufacturers to meet their specifications.

4. Start a health and safety training business

The health and safety business focuses on creating a safe workplace by instituting measures to prevent accidents and ensure employees' general wellness.

Health and safety professionals work with businesses to implement an employee health and safety program, ensuring compliance with the regulatory laws.

The U.S Bureau of Labor Statistics reports that the demand for safety professionals will grow by over 11% in the coming decade. The statistics show a mushrooming demand for health and safety experts. In that regard, starting a health and safety business can be profitable.

How Much Can You Make? $150,000/month View all 1 case studies Average Initial Investment $200,000 Skills Business Savvy Skills Customer Service Skills Self Motivation Skills Negotiation Skills See More

Hi, I’m Brendan Torazzi, the CEO of AlertForce. We are a health and safety compliance training business out of Sydney that delivers face to face and online training throughout Australia (and a little overseas also)

Family shot Oct 2021 from SeacliffHouse.com.au which is another family business - destination wedding venue 2 hours South of Sydney


5. Start an oil and gas machines and equipment manufacturing business

The oil and gas industry uses equipment designed and manufactured using high-quality materials. The primary equipment used in the oil and gas industry includes tank vessels, heat exchangers, air coolers, evaporators, towers, etc.

One way to start an oil and gas-related business is to become a manufacturer or supplier of oil and gas exploration equipment. In this business, you must meet the highest manufacturing standards required by the oil & gas exploration companies.

How Much Can You Make? $142,000/month View all 1 case studies Average Initial Investment $30,000 Skills Design Skills Business Savvy Skills Self Motivation Skills Negotiation Skills See More

Hello, my name is Thomas Bordier and with a few partners, we took over a dying B2B marketplace in 2003: Exapro. Today, our business is booming and we even acquired a competitor a couple of years back: Kitmondo.

Our purpose is to connect the Industrial World to optimize Manufacturing. This drives us to systematically consider new possible services in our sector. Today, we are working on a new project called Valorexo to help the market value better the prices of used machines.


6. Start an oil spillage cleaning business

Oil spillage creates a serious environmental hazard and can cause serious accidents. Spills occur due to broken pipelines, road accidents involving tankers ferrying oil and gas, and spillage from oil vessels, causing severe threats to marine and coastal environments.

The oil spill cleaning business can be a lucrative and profitable startup. Although there Is a vast market demand for oil spill cleaning, success in this business depends on your ability to build an extensive network.

7. Start an oil and gas servicing business

Also known as well servicing, oil and gas services include logging, cementing, casing, perforating, fracturing, and maintenance.

Oil and gas companies do not usually own equipment or employ well-servicing staff. Instead, they hire professionals to service the wells, and these contractors charge them based on the time they worked for the company.

8. Start a gas plant servicing business

Gas plant maintenance is key to oil and gas installations' safety and operational efficiency.

The common activities in gas plant servicing include responding to equipment breakdowns, detecting and repairing gas leaks, and repairing and manufacturing control panels.

Gas plant maintenance companies typically employ preventive and predictive maintenance techniques to ensure that gas facilities comply with international quality standards. Rather than invest in maintenance equipment and staff, Oil and gas companies prefer to hire plant maintenance professionals to provide routine maintenance.

Therefore, starting a gas plant maintenance company can be lucrative.

9. Start an oil and gas radio talk show business

Oil and gas radio shows provide their fan base with a roadmap for understanding the oil and gas industry.

The radio shows discuss opportunities and challenges within the oil and gas industry and bring together professionals to evaluate the markets. Contrary to popular belief, you do not need expensive high-end equipment to start your oil and gas radio show.

You can launch a radio show in minutes if you have access to an internet connection, a microphone, and a broadcasting platform. However, if you intend to air your shows through FM/AM, you need an airwave license.

10. Start a gas station

Fuel demand is constantly increasing, confirming the narrative that "economies run entirely on gasoline." With millions of vehicles on the highways daily, the need for gasoline will keep rising.

Owning a gas station may make a sound investment decision. Additionally, gas stations aren't limited to motor fuel and motor-related products. The owners of gas stations also operate convenience stores, car washes, and service bays.

Starting a gas station can be a lucrative business opportunity.

11. Start a refinery construction business

Oil refinery companies often do not have inhouse-engineers tasked with constructing the oil refineries. Instead, they hire independent contractors to design and construct oil refineries. As fuel shortages hit the global economies, there will be a need to construct more oil refineries. Thus, starting an oil refinery construction company could be long-term profitable.

12. Start an oil tank farming business

A tank farm, often called an oil depot, is a continuous area with all tanks and equipment used for field storage of oil in tanks. LPG and other petroleum products are stored in tank farms before being sent to end consumers or retail facilities.

As new gas stations arise and existing ones seek to expand their operations, oil tank farming will continue gaining popularity. Therefore, starting an oil tank farming business can be a profitable venture.

13. Start an oil and gas tv program business

Oil and gas TV programs provide their fan base with a roadmap for understanding the oil and gas industry.

These TV programs discuss opportunities and challenges within the oil and gas industry and bring together professionals to evaluate the markets. Contrary to popular belief, you do not need expensive high-end equipment to start your oil and gas TV programs.

You can launch the shows in minutes if you can access an internet connection, a microphone, a recording camera, and a broadcasting platform. To air the programs through a TV channel, you will need a license from the relevant authorities.

14. Start a cooking gas station business

Estimates show that global LPG consumption is set to increase.

A critical factor that positively impacts the market is the augmenting growth in the automotive industry and the increasing requirement for energy-efficient fuel. Furthermore, widespread adoption by domestic end-users is boosting the cooking gas industry.

Therefore, starting an LPG refilling station might be a profitable venture.

15. Start a private petroleum refinery business

There are two oil refineries in the United States: public and private. Private refineries, or "single-purpose refineries," process crude oil only to produce refined products. Public refineries, on the other hand, process crude oil for sale to other companies or individuals.

There are 140 public refineries in the U.S. and about ten private refineries.

Starting a private oil refinery depends on how much money you have available to invest in equipment and personnel. Private refineries require several licenses and certifications to operate.

16. Start an oil and gas consultancy business

Oil and gas consultants help their clients through the processes of exploration and production, midstream operations, marketing, and equipment manufacturing. Typically, the consultants oversee drilling, completion, and production operations in the oil and gas industry.

Oil & gas consultants stay on site for weeks as a sign, that they are committed to ensuring the projects attain the results.

Average Initial Investment $250,000 Skills Customer Service Skills Writing & Research Skills Design Skills Business Savvy Skills Self Motivation Skills See More

17. Start an oil and gas magazine publication

Oil and gas publications provide information on how to make better decisions for oil and gas companies or the employees that work there.

These publications may also help readers stay updated with new technologies and tools in their industry.

For example, Oil & Gas Journal sees over 100k visitors to its website every month .

Average Initial Investment $500 Skills Writing & Research Skills Business Savvy Skills Self Motivation Skills See More

18. Start a gas pipelines investment business

Gas pipeline companies tend to generate steady profits. Typically, a gas pipeline company earns income whenever gas or oil flows through its infrastructure. Therefore, laying a gas pipeline and leasing it to a petroleum and gas refinery company could be a lucrative venture.

19. Start a crude oil shipping business

Tanker companies specialize in the transportation and storage of crude oil from the extraction facility to the refinery.

Companies that own tankers lease them to the oil extraction companies and charge per trip or otherwise as defined in the engagement contract.

Launching now crude oil shipping company is not as difficult as you may think. With a fleet of tankers, you can approach a crude oil manufacturer and sign-off a crude oil transportation agreement.

20. Start a natural gas business

It is worth noting that natural gas is a fossil fuel that is not renewable.

Natural gas companies use natural gas to produce electricity and heat. They are also involved in the transportation of resources through pipelines.

The business of natural gas has many risks associated with it. One such risk would be that if there are any accidents in the pipeline system, then there could be serious consequences for the company and the people living around it.

21. Start a petroleum products haulage business

Petroleum products haulage businesses focus on guaranteeing a continuous supply of these products. Petroleum products can be transported via rail, trucks, tanker vessels, and pipeline networks.

Transportation of petroleum products is a lucrative business venture. To meet the demand for oil and other petroleum products, haulage companies must invest significantly.

22. Start a lubricant production business

As the economy grows, manufacturing production increases and motor vehicles become more prevalent, lubricant demand will grow.

This has led to a rise in the number of businesses that produce lubricant products. You can start a lubricant production company in your backyard.

The first step would be to find a supplier who can provide raw materials at competitive prices. You also must invest in equipment like mixers, tanks, conveyor belts, etc. Once this is done, one would need to start making the product and marketing it online or offline.

23. Start a petroleum tankers sales business

As the demand for petroleum products increases, exploration, and oil refineries will also increase their production capacity to match the demand. Ultimately, there will be increased demand for petroleum products haulage services.

Starting a petroleum tankers sales business in 2023 could be a lucrative venture.

24. Start a cooking gas retailing business

It is estimated that the global market for cooking gas will reach more than $400 billion within a decade. With more people switching to cooking gas, gas retailing will become a more lucrative opportunity.

25. Become an aviation fuel supplier

Aviation fuel is the fourth most commonly used petroleum product in the United States.

The country's aviation fuel demand will continue to rise as more jets and airplanes are registered.

As a result, aviation fuel supplies might prove profitable.

26. Start a filling station construction business

Globally, fuel demand is constantly increasing, a trend that is making gas stations more profitable. Thus, more entrepreneurs are starting gas stations at strategic locations where they can distribute fuel to consumers.

Are you a construction contractor looking for opportunities within the oil and gas industry? Consider starting a petrol station construction company.

27. Become a diesel supplier

Global oil consumption is estimated at approximately 100 million barrels per day. Diesel has the highest value in volume among the fuels consumed globally.

Therefore, starting a diesel distribution business opens opportunities to earn more profits from your business. To start a diesel distribution business,

To start a diesel distribution company, you need to obtain a license and permit in your area. You must also secure a strong source of capital so you can build stock reserves for your business to remain operational.

28. Start a petroleum tanker servicing and maintenance business

As fuel demand intensifies, more entrepreneurs have started their own petroleum tankers business, a trend that has opened up business opportunities.

One such business opportunity is petroleum tanker servicing. Petroleum tankers require regular servicing and maintenance to keep them in good working condition. The servicing includes cleaning the tankers and checking and fixing any leaks before loading the tankers.

Are you interested in starting a business that relates to oil and gas? Consider starting a petroleum tanker servicing and maintenance business.

29. Start a lubricant oil retail shop

As the economy grows, manufacturing production increases and motor vehicles become more prevalent, the demand for lubricants will keep growing.

You can profit from the increasing demand by setting up a lubricant retail shop. To start a lubricant retail business, find a location, select the products, and decide on pricing.

Create an online presence to maximize your reach and ensure you have enough inventory for your customers.

30. Start a petroleum tank farm servicing and maintenance business

Tank farm servicing entails cleaning and inspecting all services, including non-piggable pipelines and tank floors. According to market research, the global petroleum tank cleaning market is expected to reach $1.3 Billion in a few years.

Cleaning and inspection of tank farms after a certain period is mandatory, per the oil & gas regulations. In that regard, there is a ready market for a tank farm cleaning and servicing startup.

31. Start a natural gas future investment business

According to research, the demand for cleaner fuel should continue to grow in the coming years. The need for cleaner energy should continue to grow in the coming years, a trend that will favor natural gas stocks.

Consequently, starting a future natural gas investment business could be a good investment over the long term.

32. Start a custom oil and gas software application business

The oil & gas industry uses custom software applications to automate and generate relative business intelligence. The oil and gas industry is known to be an incredibly competitive and lucrative industry.

If you are a software developer, you can start developing innovative software solutions that increase operational efficiency and allow faultless procedures at every stage.

33. Start an oil and gas exploration and drilling business

Oil and gas exploration encompasses the processes and methods involved in locating potential oil and gas drilling and extraction sites. Starting an oil and gas exploration business can be a lucrative business idea. However, the processes and systems involved in oil drilling and exploration are highly complex and capital intensive.

34. Start a kerosene retailing business

Kerosene is used for varied applications such as cookstoves, space heaters, water heaters, and light lamps. The global kerosene market is segmented into North America, Europe, Asia, the Pacific, Latin America, the Middle East, and Africa.

Starting a kerosine retail shop in those areas could be a lucrative venture. To start a kerosine retail shop, you must apply for relevant licensing from the government authorities.

35. Start an oil and gas university

Oil and gas is a lucrative industry and attracts many people who wish to work for companies and businesses in the related area. To work for an oil and gas company, one has to complete the prerequisite courses.

Are you interested in starting a course but unsure which niche to focus on? Consider starting the oil and gas training institute. The oil and gas course provides students with basic knowledge and understanding of the oil and gas industry.

36. Start a pipe installation business

The United States of America and most developed countries rely on pipelines as a safe means to transport petroleum products and gas. There is no doubt that oil and gas pipeline construction is a lucrative business.

You will need all the necessary permits before legally launching a pipeline construction company.

37. Start a petrochemical refining plant

Starting a petrochemical refining plant can be a highly lucrative business that presents exceptional opportunities for enterprising entrepreneurs to create new businesses. However, starting your business in the oil and gas industry can be lengthy.

Follow the detailed procedure and apply for the necessary licenses.

38. Start a petrochemical refining business

Starting a petrochemical refining plant can be a highly lucrative business that presents exceptional opportunities for enterprising entrepreneurs to create new businesses. However, the process of starting your business in the oil and gas industry can be lengthy, it does not have to be tedious or frustrating.

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Oil Company Business Plan and SWOT Analysis

Oil Company Business Plan, Marketing Plan, How To Guide, and Funding Directory

The Oil Company Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start an Oil Company business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.

Your Business Planning Package will be available for download after your purchase.

Product Specifications (please see images below):

Over the next 20 years oil companies are expected to continue to operate profitably given the continued and ongoing demand for oil and petroleum products. One of the best aspects of owning and operating a oil company is that these businesses can often use a number of financial instruments in order to lock in their profits while they distribute their oil to homes, gas stations, and related entities. These businesses have substantial access to capital given the fact that a vast majority of the amount of money needed to start a new oil company is based intangible assets as well as highly digestible oil and petroleum products inventories. Depending on the type of oil company being developed, the price range as it relates to start up costs typically runs anywhere from $1 million to $5 million. Almost all financial institutions as well as private investors are willing to provide the necessary capital in order to develop these types of businesses given the economic stability, large tangible asset base, and continued in strong demand for petroleum related products. These businesses have very high barriers to entry given the large amount of capital needed coupled with the substantial amount of licensure required to operate these businesses on a intrastate as well as the interstate basis. The gross margins from petroleum product sales typically range anywhere from 10% to 20% depending on whether or not these inventories are being divested on a wholesale or retail basis.

An oil company business plan should be developed if the entrepreneur is looking to source capital from a private investor or from a financial institution. This business plan should feature a three-year profit and loss statement, capital analysis, balance sheet, breakeven analysis, and business ratios page. As it relates to the industry research portion, there are approximately 12,000 oil companies that operate within the United States and each of these businesses generate about $30 billion. The industry outlook at the moment is strong, but there are going to be some issues as it pertains to the continued rollout of alternative energy including solar power, hydroelectric power, wind energy, geothermal energy, and other forms of renewables that people are looking to use instead of traditional petroleum and fossil fuels. This should be noted heavily within the business plan, and a plan for how the business will respond to the continually changing energy grid should be included as well. A demographic analysis regarding the end-user should also be included within the business plan. A competitive analysis can also be included, but this can be done somewhat on the lighter side given the fact that oil companies operate in a heavy we commoditize market.

An oil company SWOT analysis should be produced as well. As it relates to strengths, oil companies can very quickly and always find customers for their inventories. As such, the risks associated with holding a large amount of oil on hand are not very high for this type of business. The gross margins are moderate, and the barriers to entry are very high.

For weaknesses, there is a time limit on oil companies these get days given the fact that more and more people are switching to renewable energy sources. However, it is going to be some time before oil companies start to become unprofitable. These businesses also have very high operating costs.

For opportunities, oil companies can readily expand by acquiring similar businesses that are already in operation while concurrently expanding their own internal infrastructures. As stated above, oil companies have tremendous access to capital given the fact that these businesses are highly economically secure.

For threats, there are going to be continued changes in regulations regarding the way that oil companies do business. Additionally, the rapidly growing market for renewable energy is causing a number of oil companies have to change their business models over a long run.

An oil company marketing plan should also be developed in order to ensure that people can continually place purchase orders for the oil and petroleum inventories carried by the business. This primarily includes developing ongoing relations with gas station chains, independent gas station owners, heating oil delivery companies, and any other entity in which the oil company can deliver wholesale inventories of specific petroleum products. A presence on the Internet is important, but this can be somewhat on a minimal basis given the fact that oil companies typically do business more on a face-to-face basis. This includes having a small sales force that will directly work with buyers on an ongoing basis.

A number of people that typically start oil companies already have extensive contacts within this field and are able to effectively develop purchase order relationships prior to the onset of operations. Many oil companies will also maintain relationships with investment banks and commodities trading firms in order to ensure that they can lock in pricing through the use of spots, futures, options, and related financial instruments. These relationships can further increase the volume of oil sold by the business given that these companies often act as an intermediary between different types of petroleum related businesses.

Oil companies are still going to be one of the most important aspects of the US economy and the worldwide economy moving forward. Over the next 20 years, there’s going to be a continued change in the way that these businesses conduct their operations. However, at this time – there is still a significant enough demand for worldwide oil especially in fast-growing countries to warrant the development of this type of business as a profitable enterprise.

Business Plan Template For A Oil &amp Gas Company

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Gas Station Business Plan

Are you thinking of starting a gas station We have prepared a solid gas station business plan sample that guides you on every stage of your business plan writing

oil and gas service company business plan

Although fuel prices are shooting up, we all know that it is one of the most essential commodities there is.

And in the absence of a proper alternative people are forced to use fuel. And if you have the right experience and knowledge about running a gas station you must have thought of having your own gas station business at least once.

Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample Maxwell – Gas Station Business Plan for you to get a good idea about how perfect a gas station business plan should look and what details you will need to include in your stunning business plan.

Industry Overview

In October 2021, the monthly retail fuel sales in the US amounted to a whopping 55 billion dollars, significantly higher than the past month. And although the industry experienced a slow down due to the pandemic, it is recovering to its pre-pandemic levels at a fast pace.

The major reason for the growth of the fuel industry is increasing scarcity, rising prices, and lack of an alternative mode of conveyance.

And although there might be no impact in the shorter run, gas station owners should keep in mind that alternatives to fuel might come up in the future and they’ll need to prepare their business for the impact.

It can either be by an exit strategy or preparing their business to serve those alternative methods of transport.

Things to Consider Before Writing Your Gas Station Business Plan

Pick a legal structure for your business, get the necessary licenses and permits, get a gas supplier contract, select a good location, chalking out your business plan.

If you are planning to start a new gas station, the first thing you will need is a business plan . Use our sample Maxwell – Gas Station Business Plan created using Upmetrics business plan software to start writing your business plan in no time.

Before you start writing your business plan for your new gas station business, spend as much time as you can reading through some examples of services-related business plans .

After all, having your business gives you a sense of independence and can turn extremely profitable too.

All you need is a gas station business plan to help you get started the right way.

Gas Station Business Plan Outline

This is the standard gas station business plan outline which will cover all important sections that you should include in your business plan.

After getting started with Upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your gas station business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

oil and gas service company business plan

Business Planning Resources

We have plenty of  free business planning resources  available to help you with your planning. You can download our resources to learn all about business planning.


Not found what you are looking for? Explore our 200+ sample business plans to find match for your business.

oil and gas service company business plan

DISCLAIMER: The business plans, templates, and articles contained on upmetrics.co are not to be considered as legal advice. All content is for informational purposes, and upmetrics makes no claim as to accuracy, legality or suitability. The site owner shall not be held liable for any errors, omissions or for damages of any kind.

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oil and gas service company business plan

It should be noted that there is no special software required to use these templates. All business plans come in Microsoft Word and Microsoft Excel format. Each business plan features:

1.0 Executive Summary

The purpose of this business plan is to raise $600,000 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 from land leases within United States. The Company was founded by John Doe.

1.1 Products and Services

As stated above, the Company intends to acquire land leases on properties known to have oil deposits. The business will then develop facilities on these properties with the intent to extract and distribute oil for sale onto the open market. The initial capital sought in this business plan will allow the business can acquire its first land lease while concurrently sourcing the equipment needed to operate a moderate sized oil extraction operation. It should be noted that at all times, the business will comply with all applicable federal, state, and local laws (including OSHA) in order to ensure the safety of all employees working for the Oil Company. The third section of the business plan will further describe the operations conducted by the Oil Company.

1.2 The Financing

At this time, Mr. Doe is seeking $600,000 of private funds for the development of the Company’s oil extraction operations. Tentatively, Management is seeking to sell a 40% interest in the business in exchange for the capital sought in this business plan. The financing will be used for the following: • Development of the Company’s initial Oil Extraction location. • Financing for the first six months of operation. • Capital to purchase equipment for oil extraction.

1.3 Mission Statement

The Oil Company’s mission is to cost effectively extract oil from known deposits with the intent to sell the refined oil the open market.

1.4 Mangement Team

The Company was founded by John Doe. Mr. Doe has more than 10 years of exploration experience. Through his expertise, he will be able to bring the operations of the business to profitability within its first year of operations.

1.5 Sales Forecasts

Mr. Doe expects a strong rate of growth at the start of operations. Below are the expected financials over the next three years.

1.6 Expansion Plan

The Founder expects that the business will aggressively expand during the first three years of operation. As the business becomes profitable it will make substantial reinvestments into the Company’s land lease acquisition infrastructure. Additionally, the Company may seek to acquire additional land leases on proven grounds for oil extraction.

2.0 Company and Financing Summary

2.1 Registered Name and Corporate Structure

Oil Company, Inc. The business is registered as a for profit corporation in the State of New York.

2.2 Required Funds

At this time, the Company requires $600,000 of equity funds. Below is a breakdown of how these funds will be used:

2.3 Investor Equity

At this time, Mr. Doe is seeking to sell a 40% interest in the business in exchange for the capital sought in this business plan. The investor(s) will receive a seat on the board of directors and a regular stream of dividends starting in the first year of operations.

2.4 Management Equity

After the requisite capital is raised, Mr. Doe will retain a 60% ownership interest in the business.

2.5 Exit Strategy

The Management has discussed and planned for three possible exit strategies. The first strategy would be to sell the Company to a larger entity at a significant premium. Since, the oil extraction industry maintains a moderately low risk profile once the business is established; the Management feels that the Company could be sold for ten to fifteen times earnings. The second exit scenario would entail selling a portion of the Company via an initial public offering (or “IPO”). After a detailed analysis, it was found that comparable companies sell for ten to fifteen times earnings on the open market. However, taking a company public involves significant legal red tape. Oil Company, Inc. would be bound by the significant legal framework of the Sarbanes-Oxley Act in addition to the legal requirements set forth in form S1 of the Securities and Exchange Commission. The Company would also have to comply with the Securities Act of 1933 and the Exchange Act of 1934. The last exit scenario would involve the use of a private placement memorandum to raise additional capital from private sources. This is also a significantly expensive process that requires the assistance of both an experienced securities law firm and an investment bank. Funds would be raised from private equity and merchant banking sources in exchange for a percentage of the Company’s stock.

3.0 Products and Services

As stated in the executive summary, the Company intends to operate in an oil extraction capacity. Prior to the onset of operations, Mr. Doe will have acquired a land lease on a property that is known to have oil deposits. At this time, it is unclear as to the method that the Company will use in order to extract oil. The most profitable method of exacting oil would be to lease an existing facility with the intent to extract deposits from the underlying soil. This manual method of precious oil acquisition would provide the greatest return on investment for the business. The Company, depending on its land lease, may engage in deep oil extraction if the land is known to have a significant amount of oil/natural gas that is buried deep within the ground. Mr. Doe is also sourcing the necessary equipment so that the business can immediately begin its operations once the land lease has been acquired. The facility will also have all of the necessary chemical treatment to allow the business to distribute its oil deposits directly into the open market.

4.0 Strategic and Market Analysis

4.1 Economic Outlook

This section of the analysis will detail the economic climate, the oil extraction industry, the customer profile, and the competition that the business will face as it progresses through its business operations. Currently, the economic market condition in the United States is moderate. The meltdown of the sub prime mortgage market coupled with increasing gas prices has led many people to believe that the US is on the cusp of a double dip economic recession. This slowdown in the economy has also greatly impacted real estate sales, which has halted to historical lows. However, oil companies operate with great economic stability as it is a product that is in continued demand. This is especially true in today’s economic environment as inflation has pushed the price of oil substantially over the last 12 months. As long as oil prices continue to rise, the business should have no issues producing a continuous profit from its extraction operations.

4.2 Industry Analysis

Localized oil extraction is a $3 billion dollar a year business in the United States. Within the industry there are over 200 domestic providers of oil extraction operations that operate within 20 states. The industry employs more than 10,000 people and provides adjusted annualized payrolls in excess of $500,000,000 dollars. The growth rate of this industry has been tremendous with the recent resurgence of inflation. The prices of oil and related energy products have increased substantially as investors have sought the safe haven of commodities in lieu of the falling value of the dollar. This demand is expected to remain strong in the face of inflationary pressures.

4.3 Customer Profile

As Oil Company, Inc. intends to sell its oil directly to wholesalers in the open market, is it difficult to determine the “average customer” of the business. Any company engaged in the buying and selling of energy products is a potential buyer for the Company.

4.4 Competitive Analysis

This is one of the sections of the business plan that you must write completely on your own. The key to writing a strong competitive analysis is that you do your research on the local competition. Find out who your competitors are by searching online directories and searching in your local Yellow Pages. If there are a number of competitors in the same industry (meaning that it is not feasible to describe each one) then showcase the number of businesses that compete with you, and why your business will provide customers with service/products that are of better quality or less expensive than your competition.

5.0 Marketing Plan

The marketing campaigns required by Oil Company, Inc. are minimal as the business will sell its extracted oil directly to the open market. As such, it is imperative that any marketing expenditures undertaken by the Company focus on developing relationships with metals wholesalers and property management firms that will seek and lease land to the business.

5.1 Marketing Objectives

• Develop relationships with specialty property management firms that will lease land to the business for its oil extraction operations.

• Establish relationships with oil wholesalers within the targeted market.

5.2 Marketing Strategies

Prior to the onset of operations, Mr. Doe will develop ongoing purchase order relationships (based on market prices) with national and international energy product dealers and wholesalers that will acquire the Company’s inventory of extracted oil. In order to complete this aspect of Oil Company’s marketing operations, Mr. Doe will directly contact well known energy wholesalers. As these buyers are constantly searching for new sources, developing these relationships will not be an issue. Additionally, the Company will make its presence known among real estate agents and property management firms that specialize in the sale and placement of leases for land that is known to carry oil deposits. Much like with the oil wholesalers/dealers, Mr. Doe will directly contact these companies in order to develop working relationships.

5.3 Pricing

In this section, describe the pricing of your services and products. You should provide as much information as possible about your pricing as possible in this section. However, if you have hundreds of items, condense your product list categorically. This section of the business plan should not span more than 1 page.

6.0 Organizational Plan and Personnel Summary

6.1 Corporate Organization

6.2 Organizational Budget

6.3 Management Biographies

In this section of the business plan, you should write a two to four paragraph biography about your work experience, your education, and your skill set. For each owner or key employee, you should provide a brief biography in this section.

7.0 Financial Plan

7.1 Underlying Assumptions

• Oil Company, Inc. will have an annual revenue growth rate of 16% per year.

• The Founder will acquire $600,000 of equity funds to develop the business.

• Mr. Doe will sell a 40% equity interest in the business in exchange for the requisite capital sought in this business plan.

7.2 Sensitivity Analysis

In the event of an economic downturn, the business may have a decline in its revenues. In an economic recession, the demand for oil decreases as people will have less discretionary income. However, in today’s economic climate, inflation has become a serious concern, and investors have driven up the price of oil up substantially as a safe investment to hedge against inflationary risks. As such, the business should have very few issues regarding top line income.

7.3 Source of Funds

7.4 General Assumptions

7.5 Profit and Loss Statements 

7.6 Cash Flow Analysis

7.7 Balance Sheet

7.8 General Assumptions

7.9 Business Ratios

Expanded Profit and Loss Statements

Expanded Cash Flow Analysis

How The Oil And Gas Industry Is Building A Sustainable Future


By Brent Potts, Senior Director, Global Marketing, Oil, Gas, and Energy, SAP

Climate change and technology are affecting almost every industry on a global scale. None more so than the oil and gas sector. The groundswell of pressure toward sustainability is driving the oil and gas industry toward a major transformation.

In fact, many traditional oil and gas companies are evolving to the point where they now consider themselves energy companies, mobility companies, or even retail companies, as they diversify and expand into new areas with innovative business models.

Sustainability and digitalization have become the laser focus of many energy and utilities companies, and these industries are actually leading other sectors when it comes to adopting sustainable practices.

According to a recent survey by SAP and Oxford Economics , energy and utilities executives have made more sustainability-related changes to their operations than those in other industries. More than three-quarters (79%) say sustainability issues are a major concern or top-of-mind at all stages of the manufacturing process, and almost half (47%) have committed to a net zero carbon goal.

Drivers of Sustainable Change in the Oil, Gas, and Energy Sectors

There are several factors influencing sustainability efforts in the oil, gas, and energy industry. Companies are taking various approaches to address growing issues that are permanently impacting the industry. Some of the biggest drivers include:  

1.     Government regulations, incentives, and subsidies

Increasing government interventions, such as the European Commission’s European Green Deal and the United Nations’ Paris Agreement are pushing oil, gas, and energy companies to look for more circular and sustainable solutions to meet aggressive carbon-neutral targets. These agreements are in addition to various carbon taxes, incentives, and subsidies being offered by different levels of government globally.

Several renewable or alternative energy initiatives currently have government incentives, such as tax credits for the use of solar panels, electric cars, or other alternative-energy options. Some governments may also offer subsidies to businesses or consumers who choose alternative or renewable energy sources. These government incentives and subsidies artificially inflate the demand and lower the cost of these alternatives, but the cost savings may not last.

It will be interesting to see if the demand will remain high once subsidies or incentives are reduced, revealing the true cost of alternative energy sources. As more renewable energy technology is developed and mass-produced, the cost of generating renewable energy goes down, but whether or not it will be enough to offset the government subsidies remains to be seen. Renewable energy costs must go down to the point where people will choose them regardless of subsidies or incentives, because ultimately, the cost will determine if people choose a particular energy source long term.

2.     Diversification and changing cost structures

Industry boundaries are blurring as several oil and gas companies extend beyond traditional revenue streams. A barrel of oil is not the central focus of many oil and gas companies anymore.

Now, many are placing a greater focus on customer needs and diversifying to include new revenue streams, such as renewable energy, electrical charging stations, advanced chemicals, biofuels, hydrogen, LNG, autonomous transport-on-demand initiatives, and even expanding retail outlets.

For example, Shell has set an ambitious goal to earn 50% of its revenue from non-fuels by 2025 . The company is already the world’s largest mobility retailer , with more retail outlets than McDonald’s, and it sells $6 billion-dollars-worth of convenience retail products every year.

It also plans to ramp up its ‘ power-as-a-service ’ business model with an entirely new cost structure, which reflects the growing trend toward subscription or use-based business models being adopted by an increasing number of companies worldwide.

3.     Digitalization

Digitalization is what makes diversification possible. Advanced technology is changing he way companies work, creating more opportunities for partner collaboration and opening doors to new options for innovative business models.

For years, the World Economic Forum has said that digitalization is allowing the oil and gas industry to redefine its boundaries. The pandemic has simply accelerated that mandate. For example, companies quickly learned that they needed to be more agile to respond to major disruptions and drastic supply and demand fluctuations when the COVID-19 crisis made demand for oil and gas disappear almost instantly as lockdowns spread across the globe.

Aside from the pandemic, as more business systems and processes move to the cloud, it becomes easier to integrate and streamline operations across entire organizations and beyond. This opens the door for diversification as well as product and service innovation.

The survey shows that energy and utilities companies are more advanced than other respondents in their use of technology, with almost half (49%) using cloud technology versus just 36% for other industries.

4.     Changing customer, investor, and employee expectations

Peoples’ shifting expectations are having a huge impact on the oil, gas, and energy industry from multiple angles. Eco-conscious consumers continue to put pressure on companies to focus on sustainable practices and renewable energy sources. There is also mounting pressure from investors for companies to become more sustainable. For example, Harvard University plans to end all investments in fossil fuels and stop funding activities that drive global warming. Oil, gas, and energy companies should take note, as Harvard’s decision will no doubt influence other investors.

In addition to outside pressure from consumers and investors, many companies are also facing growing pressure from within their own workforce. As long-time employees retire, they take their traditional methods and intellectual property with them. They are being replaced with a tech-savvy, eco-conscious generation of employees who question conventional operating methods and may enter heavy-emission industries with the direct goal of promoting sustainability in the industry .

Many employees may focus on making a difference by encouraging and influencing more sustainable and purpose-driven practices within their own organizations. As a result, driving forces for sustainable change are mounting from multiple angles outside of organizations as well as from within the companies themselves.

Take Steps Toward a More Sustainable Future

As decision-makers attempt to move toward more sustainable practices, they should consider not one solution, but many. Here are a few recommendations:

Oil and Gas Companies Are Diversifying

As oil and gas companies look beyond the barrel and continue to diversify, it creates more complexity within their operations, which presents additional challenges to their sustainability efforts. According to the survey , 50% of energy and utilities executives say increased complexity is an obstacle to meeting their sustainability goals.

Despite this, close to half are still committed to achieving a net zero carbon goal, which is the most of any industry in the survey of 1,000 executives from industries worldwide.

Additionally, thanks to advanced technology, energy and utilities firms have more visibility than other industries into many aspects of manufacturing, including carbon emissions (58% vs. 43%), sustainable sourcing of raw materials (56% vs. 50%), and the complete lifecycle of by-products (49% vs. 42% for other industries).

This level of visibility provides valuable insight for business leaders as they focus on developing and enhancing sustainable practices throughout the oil, gas, and utilities industry today and into the future.

Learn more about balancing the bottom line with the green line in the SAP and Oxford Economics energy and utilities fact sheet, The Sustainable Supply Chain Paradox .

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Building a durable oil and gas company

The U.S. fossil fuel industry has been in turmoil for years due to changes in supply and demand as a result of an abundance of oil and gas from fracturing. These market changes occurred long before the COVID-19 pandemic struck a year ago, causing extra pressure on the industry as demand plummeted. Despite projections that nearly all the United States will be vaccinated by year’s end, the forces driving the industry downturn will still be present. The industry continues to experience supply and demand dynamics that result in meager commodity prices. Oil and gas companies are under increased pressure to reduce carbon dioxide emissions to address climate change, as well as pressure from Biden’s American Jobs Act plans to direct funds to clean energy projects. With these factors likely to continue, a company should consider making some key strategic decisions to ensure its durability and to maximize its value for stakeholders.

Setting your strategy

To succeed in current oil and gas markets, successful exploration and production companies need to include strategy development as a critical ongoing process. For example, analyzing commodity-price fundamentals is a challenge, that requires executive teams to constantly re-evaluate where to invest their time and treasure. Companies in the oil and gas industry cannot perform strategic planning only every few years, but instead must make it a part of their daily decision-making. Oil and gas executives need to change their capital allocation processes to move at the pace of their changing strategies. A traditional way to start an evaluation is to compile an inventory of strengths, weaknesses, opportunities and threats that face both your company and your industry. Operators should evaluate their oil and gas holdings based on several factors, including scale, scope, cost and ability to execute. “In a non-traditional, yet increasingly common approach, executives are looking outside their respective industry and gleaning insights around trends in customer behaviors, new business models and emerging technologies,” said Chris Smith, national managing principal of Strategy at Grant Thornton. “Seeing how other industries are finding ways to monetize existing assets in new ways is top on the priority list of leading executives.” Both of these approaches to strategic thinking can help clarify your business’s existing competitive position so as to allow you to start to develop a plan for how your company will address the continuing changes the industry will face. Making a company’s culture align with its new strategy will become ever more critical. Employees of a company typically invest not only their time but their expertise and creativity to various projects, a sense of personal interest that is often encouraged by a company’s culture values. Consequently, it is not always easy to scrap a project because it does not fit a strategy based on today’s metrics. Loretta Cross, a managing director at Grant Thornton that specializes in oil and gas restructuring, said, “The sense of ‘ownership’ that company stakeholders can feel to a particular project will have to be overcome. This is best accomplished by forging a strong connection wedding the stakeholders to the new strategy that shows them a path to a stronger company.”

Use of scenarios and complex modeling

Successfully managing challenging price dynamics and the current regulatory environment requires tools ranging from short-term cash planning to rigorous long-term monitoring of supply-and-demand expectations. Large oil and gas companies such as Shell, BP and ConocoPhillips have all embraced scenario planning, and smaller independents must follow suit to be able to remain viable in the current environment. Scenarios represent plausible potential future states of the industry and the company. Scenarios can be used to fuel the strategic planning process and to prepare the annual budget. Scenario plans help a company:

“Your scenarios should always include a look at how you can operate at the bottom of a down cycle,” said Cross. “In today’s environment, it is imperative to have a plan to trim back operations quickly if the market changes. The more rapidly an oil and gas company responds may just make the difference in making tremendous gains in an upswing or surviving the cycle when prices dive.” It is often hard for smaller oil and gas companies to have the staff and resources to provide the modeling required for these complex scenarios. But it is well worth the expense to either add the resource or obtain the service from an outside source. Without this kind of planning, companies will not be able to react rapidly as the industry dynamics shift.

Operational improvements

Operational improvements in the oil patch will be driven by continued use of technology to drive results. Building digital capabilities will drive operational performance through streamlining processes and providing continuous data for analytics. Analytics will allow companies to enhance planning processes, improve production, enhance safety outcomes and reduce headcount. Energy digitalization should be a strategic priority for the organization of the future as it enables remote operations and drives human-machine collaboration. Digitalization also can have a role to play in setting near-term emissions targets, using standardized and credible reporting and tracking accountability across the company. Shared costs for capital assets have been a staple of the oil and gas industry for years. Companies share gathering systems, wastewater systems and processing plants. It is time for companies to look for new ways to share indirect costs in new ways, whether through outsourcing, joint ventures or shared contract employees. Through the COVID-19 economic downturn, companies have learned to manage their businesses remotely, proving that having an employee full-time in an office may not be necessary. This frees management to think about new methods of getting the same quality of service through shared services. Investors, bankers and regulators are pushing the upstream oil and gas industry to address lowering its carbon footprint. If the industry does not respond, they will have constraints put on them that could impact their long-term profitability. John Baumgartner, a managing director in Grant Thornton’s Houston office, suggests that each company should take a hard look at its own footprint. They would benefit, Baumgartner said, by finding ways to reduce gas leakage to the atmosphere, eliminating or reducing routine flaring and delivering that gas to the market. They should also look to integrate renewable sources of power at remote production facilities and low carbon electricity into new midstream and upstream developments. .

Managing the capital structure

One of the biggest questions for any oil and gas company is determining what the right capital structure is for the company. Over the past 20 years, the median debt-to-capital ratio for independent oil and gas producers has ranged from a low of 28.5% in 2005 to a high in 2020 of 48.8%. The chart shows that, prior to 2010, the trend was to reduce the debt load. However, after fracturing became commonplace, the industry funded its capital needs with debt. This increase is even more disturbing considering that companies with over $175 billion in debt have filed for bankruptcy since 2015, according to the Haynes and Boone Oil Patch Bankruptcy Monitor . These bankrupt companies either restructured their debt or sold their assets to a more financially stable owner.

Debt total capital percentage

The high amount of debt that the industry is carrying indicates that there are more companies that need to reduce their debt loads. For oil and gas companies, that means management has to find a balance between using limited capital for debt repayment and new investment in the development of oil and gas reserves to be a company with long-term viability. Management of these companies will need to include debt adjustments as a part of their strategy. According to Baumgartner, “Management should consider the sale of non-core assets, debt-for-debt exchanges, debt-for-equity exchanges, and reducing investments in new developments to reduce debt.” Each company will need to determine the right structure for them based on both their strategy and asset base. For example, the shale industry has been hit particularly hard as reserves (and borrowing bases) have dropped by about 50%, reducing the amount of capital available from reserve-based lenders and lenders have lost interest as they have experienced the steep decline curves that, absent strong drilling programs, lead to reduced reserve bases . After determining the best approach for the company, management should work with key stakeholders to execute their plan to reduce debt. Each entity will have a different set of options or tools they can use to reduce debt and improve liquidity. “It often helps to have someone from the outside help management with exploring their options,” Cross said, “as it is often difficult to see the picture completely when you are right in the middle of the situation.” Another consideration, Baumgartner offered, is that “it can be beneficial for companies to have having a neutral, independent adviser present analyses and alternatives to lenders and investors.”

Buyers’ market

The major oil companies have announced their commitment to smaller carbon footprints. Many of them plan to shift from investments to renewables and carbon capture technologies. It is uncertain whether industry giants will ever be active again in executing major acquisitions. In addition, they may announce their own divestitures of assets that no longer fit their strategy. During 2020, there were major bankruptcies where no buyers were found, and lenders such as Citigroup were forced to join the ranks of oil and gas operators through the companies, they set up to hold the assets until the market stabilized. In addition, the M&A market for oil and gas was slow in 2020, as there were no takers for the troubled industry. As a result, there is an anticipation that there will be an active market of sellers looking for buyers. With this as a backdrop, operators that have mastered the ability to be low-cost producers or which have capital backing may find some really good properties to buy. Before starting that process, companies must know their own strategy and their direction or rationale for the acquisition. It helps to establish the criteria that you are focused on including target size, location and profitability. By doing this early, you take personal feelings out of the decision-making process, Smith said. The acquisition process is made easier the more thoroughly the criteria is established – it acts as a filtering process, he added. From there, a company can choose advisors and conduct diligence evaluations to create a stronger company. But company executives shouldn’t forget to listen to their gut, and should walk away if the deal is not right. After all, it will be a buyers’ market for the next year or two. On the reverse side, maximizing a company’s value for a sale first requires a good understanding of what the market is looking for and how the company will be valued. It is best to get a valuation or market assessment from professionals. In addition, making sure the records are “cleaned up” can help a company get through the due diligence process more rapidly. For example, a company should apply reserves against old accounts receivables and take an extra look at the land records to head off any title issues. “To speed up the transaction and preserve the seller’s value, I would recommend focusing on normalized EBITDA and how working capital should be treated at settlement”, said Kyle Reid, a partner in Grant Thornton’s Houston office. “A seller and investment bankers get worn down negotiating purchase price and often give back value in the working capital settlement.” When selling only a segment of a business, a company should separate its books to show the operating capabilities of those assets on a stand-alone basis. Company leaders should clearly understand the reasons for wanting to divest and be prepared to crisply explain that to buyers. Hiring the right advisors, ones that will bring the right buyers to the table for the type of transaction you are contemplating, can be a winning strategy. A local investment banking boutique or a large money center bank will have very different relationships. The oil and gas industry still has some significant hurdles before it. But with the right strategy, planning, operations and capital structure, it is possible to build a company that will be durable through the coming changes. “The secret to creating shareholder value in oil and gas,” Cross said, “is to embrace where the industry is and to change your strategy to win — not only in the current environment but also long-term.”

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We help oil and gas companies develop strategies to pursue growth and create value in an uncertain and volatile environment.

To prevail in current markets, successful businesses treat strategy development as a dynamic process. Commodity-price fundamentals are challenging in the short term, requiring executive teams to constantly reevaluate mid- to long-term expectations. As a result, companies in the oil and gas industry are confronting significant strategic challenges and complex decisions, daily.

To help our clients manage this complexity, we bring distinctive propositions to our advisory work, ranging from tools that target short-term cash and performance enhancements, to levers for enabling operating-model evolution, to proprietary market models that provide granular, rigorous supply-and-demand scenarios to support strategy planning and development. Our clients have access to more than 400 consultants with extensive experience in oil and gas strategy, a global network of industry experts and external advisers, and broad cross-sector expertise from our Strategy & Corporate Finance Practice .

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The Suncor processing plant at their oilsands mining operations near Fort McMurray, Alta., as seen in 2014. Suncor and other members of the Pathway Alliance had a very lucrative 2022.

These oilsands companies raked in $35B last year. Now, they’re asking for public money to help fight climate change

Canadian oilsands companies in the pathways alliance were in the black to the tune of $35 billion last year, but the money they’re spending on their much-vaunted carbon capture project has been relatively modest..

Marco Chown Oved

Despite having more than doubled their profits last year, Canadian oilsands companies are spending little on a highly touted carbon-capture project to transform their oil from some of the world’s dirtiest to its cleanest.

The six companies that form the Pathways Alliance collectively booked a record profit of more than $35 billion in 2022, but spent only $500 million on a plan to capture emissions from the oilsands, pipe them across Alberta and pump them underground by 2030.

Meanwhile, the companies have asked for public funding to cover more than half of their $16.5-billion climate change mitigation project.

“One day, they are telling shareholders they’re making record-breaking profits — in the words of (U.S. President) Joe Biden, they have more money than God — and then the next day, they go to the government, cap in hand, and say: ‘We need you to pay for us to clean up our operations,’” said Keith Stewart, senior energy strategist at Greenpeace Canada.

“The entire cost of this big carbon capture thing that they’re proposing would be half of the profits they made last year.”

Over the past several months, the Pathways Alliance has gone on a public relations offensive, taking out full-page ads in newspapers and 30-second spots on podcasts to promote the carbon capture and storage plan, saying it will help Canada achieve climate change goals by reducing emissions in the oilsands to net zero by 2050.

“There will likely never again be a period where this type of profit is generated in the oil industry,” said David Macdonald, a senior economist with the Canadian Centre for Policy Alternatives. “The stars have aligned for the oil gas companies to make those investments if they wanted to — but it’s not happening.”

A look at the financial reports of Canadian Natural Resources Ltd., Cenovus Energy Inc., ConocoPhillips Company, Imperial Oil Ltd., MEG Energy and Suncor Energy Inc., shows the companies spent far more on priorities other than climate change.

Collectively, they shelled out $32.1 billion on share buybacks, which boost the stock price, and $16.7 billion on dividends — direct cash payments to shareholders. They also spent $17.5 billion reducing their debt and another $16.3 billion on capital investment in their oil and gas production.

But when it came to their plan to reduce emissions, their spending was only half a billion dollars — 1.4 per cent of their profits.

There’s a disconnect between what oilsands companies are saying and what they’re doing with “this tremendous amount of money,” said Macdonald.

“They don’t need more tax breaks. They don’t need anything from government, frankly, at all. They have all the money that they could ever wish for on hand right now to make these key investments. And they’re not making them.”

In response to questions, Pathways Alliance spokesperson Jerrica Goodwin said “our companies are spending significantly on our 2030 goal.”

Citing a recent $10-million engineering contract and other feasibility studies and Indigenous engagement efforts, Goodwin said the Alliance members plan to invest a total of $24.1 billion in the next seven years “with co-funding support from Canadian governments.”

The centrepiece project would install carbon capture technology at a dozen sites in the Alberta oilsands and connect them via a 400-kilometre pipeline to a “storage hub” near Cold Lake, where the captured carbon would be injected into geological formations underground. Slated to be completed by 2030, the plan estimates it would reduce oilsands emissions by 10-12 megatonnes, or about 10 per cent of total emissions from the sector.

However, those are only the emissions caused by extracting and refining the oil and don’t include the emissions caused by burning the fuel in cars, furnaces and industry, estimated to be two to three times greater.

Goodwin says the carbon capture project cannot be started until all the permits are complete.

“Projects of this size require significant upfront work and a strong partnership between industry and governments to proceed,” she added. “It is impossible to invest in the construction of these projects, because they have not been approved by governments.”

Most of the spending on the project will come later, during the construction phase, she said.

After Russia invaded Ukraine in February 2022, global oil prices spiked, almost doubling by early April. This led to windfall profits for oil companies around the world, even in places such as Alberta, which were unaffected by the conflict.

Imperial Oil CEO Brad Corson said the war has created circumstances that have been good for business.

Singling out “high commodity prices” driven by “ongoing geopolitical events,” Corson told investors on an earnings call last October that “the overall macro environment remains quite positive for our financial performance.”

Profits at the six Pathways Alliance oil companies more than doubled in 2022, led by Cenovus, which increased its bottom line by 999 per cent. Canadian Natural Resources was the laggard, with only a 43 per cent bump in profits over the previous year. ConocoPhillips’ oilsands profits increased 62 per cent. All the others either doubled or tripled their profit.

“This is a publicly owned resource that they are pulling out of the ground and they’re now making windfall profits,” said Greenpeace’s Stewart. “They aren’t reducing greenhouse gas emissions. They aren’t cleaning up their abandoned wells . And now we’re hearing that for the last nine months, Imperial Oil’s tailings pond has been leaking toxins into the drinking water of a First Nations (community) without telling them.”

“When you look at these eye-watering profits, we should be saying: ‘How can we redirect those resources to helping people deal with inflation, which is being driven in large part by those profits, and investing in a clean energy transition?’”

Greenpeace is calling for an excess-profits tax on the oil and gas industry, much like the one imposed on the financial industry after its pandemic-related windfall gains.

Federal Environment Minister Steven Guilbeault has threatened to “force” the oil industry to reduce its emissions if they don’t start doing so themselves. Later this year, Ottawa will enact a hard cap on oil and gas emissions, he said.

The Pathways Alliance has said it will need additional public subsidies and tax credits to fund its carbon capture plan.

After the federal government unveiled $8.6 billion in carbon capture tax credits last year, Cenovus CEO Alex Pourbaix said industry will need “more help.”

Calls for additional subsidies increased after the United States passed the Inflation Reduction Act, which provides large tax credits for a variety of American emission reduction and green energy projects.

“We continue to work with the federal and Alberta governments to ensure Canada’s co-funding programs and regulatory environment for (carbon capture and storage) are globally competitive and that emissions reduction targets for our industry are realistic and achievable,” said the Pathways Alliance’s Goodwin.

Meanwhile, emissions from the oilsands have been growing. According to the government's national carbon inventory, emissions have more than doubled since 2005.

Crude from the Alberta oilsands is among the dirtiest oil in the world. While the industry contests the claim that Canadian oil has the biggest carbon footprint, several academic studies have shown that the process of mining and separating oil from sand in Alberta produces twice as much carbon per barrel than the average in North America.

While the oil and gas industry has made significant gains in curtailing methane leaks, cutting them by 28 per cent since 2015, emissions from oil and gas extraction have risen by about half that amount over the same period of time.

“This is an industry that in the long term, we need to wind down. It’s not going to end tomorrow. It’s not going to end this year. It’s not going to be in 10 years. But in 50 years it will need to end,” said Macdonald. “We’ve got this opportunity, this flood of corporate cash to make these changes and yet it’s not being spent on massive transitions away from fossil fuel towards other means of energy generation.”

Some Canadian oil industry moves in fact go in the opposite direction. Last year, Suncor sold its renewable energy business for $730 million and later spent $1 billion to buy a bigger share of the foothills oilsands mine .

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Saudi Aramco Posts Record $161 Billion Profit for 2022

Oil prices boost saudi arabia’s national oil company as the kingdom seeks to showcase its foreign-policy ambitions.

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Saudi Arabia’s national oil company reported record annual profit of $161 billion for 2022, the largest ever by an energy firm, boosting the kingdom’s coffers as it looks to showcase its global business and foreign-policy ambitions and limit its heavy reliance on oil.

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Energy | kendrick castillo’s parents refuse settlement money in push to make stem school shooting records public, energy | denver oil company sues to overturn order, sanctions by colorado, kp kauffman accuses state oil, gas commission of breach of contract in lawsuit; regulators find company failed to comply with cleanup plan.

K.P. Kauffman, a Denver oil and gas company, is asking the Denver District Court to overturn a decision by state regulators that said the company is out of compliance with a plan to fix a number of alleged violations. The Colorado Oil and Gas Conservation Commission issued the decision Feb. 1.

A Denver oil and gas company hit with a $1.9 million penalty and facing the possible loss of its right to operate in Colorado is suing state regulators.

Family-owned K.P. Kauffman Co. Inc. filed a lawsuit Friday in Denver District Court to appeal a decision by the Colorado Oil and Gas Conservation Commission that found the company out of compliance with a plan to clean up spills and fix other alleged violations.

After inspections, the COGCC staff also found that K.P. Kauffman, or KPK, was selling its oil and gas despite having its right to do so revoked in a Feb. 1 decision. The decision suspended KPK’s certificates allowing it to sell the its oil and gas and gave  the company until Aug. 1 to comply with state rules and orders or have its license to operate in Colorado yanked.

One week after the order was issued, inspections by COGCC staffers found recorded gas sales at about 20 of KPK’s sites and one location where oil was being transported for sale, said Caitlin Stafford, an assistant attorney general.

A $1.9 million fine that had been suspended was imposed again.

The company appealed the decision in state district court last week after the COGCC denied a motion to reconsider its order. In a statement, KPK called the commission’s decision deeply flawed and disputed that it was out of compliance with the cleanup plan approved in 2021.

The COGCC’s order deprives KPK of its operating revenue, while at the same time it demands the company “complete scores of ongoing remediation projects by mid-summer and pay nearly $2 million in penalties by mid-March,” the company said.

The company is asking the court to send the matter back to the COGCC and is seeking damages for what it calls breach of contract.

The COGCC declined to comment on the lawsuit, saying it doesn’t discuss pending litigation.

The cleanup plan addressed a number of alleged violations by KPK, including spills at well sites and leaking flowlines, small lines that carry oil and gas from wells to equipment. The COGCC declared KPK out of compliance in February after the commission staff said only three of 58 projects had been completed and that the company’s practices threatened public health and safety and the environment.

The case involves widespread, systemic violations that the operator “refuses to correct in a timely or successful manner,” the written order to KPK said.

In a Feb. 27 hearing, John Jacus, an attorney, representing KPK, asked the COGCC to reconsider the order and to delay the sanctions for six months.

The agreement between the COGCC and KPK said the certificates needed to sell oil and gas in the state could be revoked and the agreement ended if the company didn’t “substantially comply.” Jacus said the company was in substantial compliance and that preventing KPK from selling its oil and gas deprives it of the money it needs to do the work the state has ordered it to do.

The uncertainty created by the COGCC order is also hindering the potential sale of some of KPK’s wells, Jacus said. KPK has roughly 1,200 wells in the Denver-Julesburg basin of northeastern Colorado. The majority of the wells are low-producing.

“Perhaps most importantly, the order increases the risk of harm to public health, safety, welfare, the environment and wildlife resources by effectively requiring the immediate shut-in of all of its facilities,” Jacus said.

KPK doesn’t have the capacity or infrastructure to store its oil and gas production on site. Jacus said. Without the flow of revenue from oil and gas production, the company won’t be able to perform necessary maintenance and monitoring, he added.

“I don’t appreciate that KPK is here today threatening the state of Colorado by threatening noncompliance,” commission member John Messner said. “KPK has a path to compliance. KPK alone is responsible for that compliance, and they need to implement the steps necessary to come into compliance.”

Messner and the other four commission members voted against reconsidering the order and delaying the sanctions. Commission member Brett Ackerman called KPK’s continuing to sell its oil and gas a “blatant disregard” of the COGCC order.

‘’Out of the gate, knowingly continuing to violate the order is consistent with the historic approach of this operator,” Ackerman said, “and to me a compelling argument that the same approach will continue as long as KPK continues to operate.”

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Biden greenlights major Willow oil drilling in Alaska over protests


Caribou at Teshekpuk Lake in North Slope Borough, AK on May 26, 2019. The lake is the largest in Arctic Alaska. (Photo by Bonnie Jo Mount/The Washington Post via Getty Images)

The Biden administration said Monday it is approving the major Willow oil project on Alaska's petroleum-rich North Slope, one of President Joe Biden’s most consequential climate choices that is drawing condemnation from environmentalists who say it flies in the face of the Democratic president’s pledges.

The announcement comes a day after the administration, in a big move toward conservation, said it would bar or limit drilling in some other areas of Alaska and the Arctic Ocean.

Biden's Willow plan would allow three drill sites initially, which project developer ConocoPhillips has said would include about 219 total wells. A fourth drill site proposed for the project would be denied. The company has said it considers the three-site option workable.

Houston-based ConocoPhillips will relinquish rights to about 68,000 acres of existing leases in the National Petroleum Reserve-Alaska.

Climate activists have been outraged that Biden appeared open to greenlighting the project, which they said put Biden’s climate legacy at risk. Allowing oil company ConocoPhillips to move forward with the drilling plan also would break Biden’s campaign promise to stop new oil drilling on public lands, they say.

The administration’s decision is not likely to be the last word, with litigation expected from environmental groups .

ConocoPhillips Alaska’s Willow project could produce up to 180,000 barrels of oil a day, create up to 2,500 jobs during construction and 300 long-term jobs, and generate billions of dollars in royalties and tax revenues for the federal, state and local governments, the company says.

The project, located in the federally designated National Petroleum Reserve-Alaska, enjoys widespread political support in the state. Alaska Native state lawmakers recently met with Interior Secretary Deb Haaland to urge support for Willow.

But environmental activists have promoted a #StopWillow campaign on social media, seeking to remind Biden of his pledges to reduce planet-warming greenhouse gas emissions and promote clean energy.


Climate activist hold a demonstration to urge President Biden to reject the Willow Project at the US Department of Interior on November 17, 2022 in Washington, DC. (Photo by Jemal Countess/Getty Images for Sunrise AU)

Christy Goldfuss, a former Obama White House official who now is a policy chief at the Natural Resources Defense Council, said she was "deeply disappointed'' at Biden's decision to approve Willow, which NRDC estimates would generate planet-warming greenhouse gas emissions equivalent to more than 1 million homes.

"This decision is bad for the climate, bad for the environment and bad for the Native Alaska communities who oppose this and feel their voices were not heard,'' Goldfuss said.

Anticipating that reaction among environmental groups, the White House announced on Sunday that Biden will prevent or limit oil drilling in 16 million acres in Alaska and the Arctic Ocean. The plan would bar drilling in nearly 3 million acres of the Beaufort Sea — closing it off from oil exploration — and limit drilling in more than 13 million acres in the National Petroleum Reserve.

The withdrawal of the offshore area ensures that important habitat for whales, seals, polar bears and other wildlife "will be protected in perpetuity from extractive development,″ the White House said in a statement.

RELATED: Alaska town sees sun for the first time in 65 days

The U.S. Bureau of Land Management, as part of an environmental review, advanced in February a development option for Willow calling for up to three drill sites initially, which it said would include about 219 total wells. ConocoPhillips Alaska said it considered that option workable.

Alaska’s Republican U.S. senators warned any further limits could kill the project, rendering it uneconomic.

Alaska’s bipartisan congressional delegation met with Biden and his advisers in early March to plead their case for the project, while environmental groups rallied opposition and urged project opponents to place pressure on the administration.

City of Nuiqsut Mayor Rosemary Ahtuangaruak, whose community of about 525 people is closest to the proposed development, has been outspoken in her opposition, worried about impacts to caribou and her residents’ subsistence lifestyles. The Naqsragmiut Tribal Council, in another North Slope community, also raised concerns with the project.

But there is "majority consensus" in the North Slope region supporting the project, said Nagruk Harcharek, president of the group Voice of the Arctic Iñupiat, whose members include leaders from across much of that region.

The conservation actions announced Sunday complete protections for the entire Beaufort Sea Planning Area, building upon President Barack Obama’s 2016 action on the Chukchi Sea Planning Area and the majority of the Beaufort Sea, the White House said.

RELATED: Earthquake swarms at two Alaska volcanoes, raising fears of possible eruption

Separately, the administration moved to protect more than 13 million acres within the petroleum reserve, a 23-million acre chunk of land on Alaska’s North Slope set aside a century ago for future oil production.

The Willow project is within the reserve, and ConocoPhillips has long held leases for the site. About half the reserve is off limits to oil and gas leasing under an Obama-era rule reinstated by the Biden administration last year.

Areas to be protected include the Teshekpuk Lake, Utukok Uplands, Colville River, Kasegaluk Lagoon and Peard Bay Special Areas, collectively known for their globally significant habitat for grizzly and polar bears, caribou and hundreds of thousands of migratory birds.

Abigail Dillen, president of the environmental group Earthjustice, welcomed the new conservation plan, but said if the Biden administration believes it has authority to limit oil development in the petroleum reserve, officials should extend those protections to the Willow site.

"They have the authority to block Willow,″ she said in an interview Sunday.

Associated Press writers Becky Bohrer in Juneau, Alaska and Matthew Brown in Billings, Montana contributed to this story.


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