Oil entrepreneurs: is now a good time to start a new business?

edited February 2019 in Entrepreneurship

This is the first time I've written a small article where I try to give an introduction and an overview of what I have in mind relating to entrepreneurship doubts. As you're probably aware, the outlook for the oilfield has improved tremendously in the past year or so. The global supply glut seems to have gone, but a new downturn is always quite possible. There are certainly the same threats to oilfield jobs and businesses this year, and for the foreseeable future.

In fact, anyone who has been around the oil patch for any length of time like I have will remember plenty of ups and downs. With 30 years under my belt, this recent crash was my third serious downturn. Uncertainty and fear is actually the status quo for oil workers like me.

You know what? You get to an age where a few things happen, all at the same time you:

  • Get tired of being at the mercy of higher executives when it comes to your families future.
  • Become less employable when it comes to insurance and overseas working visas. Not to mention ageism which occurs in every industry.
  • Have enough money in the bank that you can afford to take a chance in going self-employed, or in starting a business.
  • Want to be more in control of where, when and how often you work. the offshore rotational or full-time positions become less attractive.

So, I'm doing what many others are doing right now. I'm thinking about starting my own business. I'm in discussions with a few friends and previous co-workers who are likely to partner with me. I've also approached a couple of previous employers that I'm still on good terms with. It's likely that they will appreciate my services on an ad hoc basis even though they wouldn't employ me full time - which I wouldn't accept anyhow at my time of life.  I'm financially stable, the kids have gone through college already. I just want to stay busy, helpful and earn some extra money for my retirement home.
A bit too honest? Unprofessional? I am a straight shooting guy and it is what it is. My work history and on-site expertise will speak for itself.

Who is considered the entrepreneur of the oil industry?

When we think of entrepreneurs in the oil business, we think about people such as John D Rockafeller. The problem is that the oil companies have everything locked up, and most companies are really consultants that have created an LLC to get paid for assignments. I'm sure that there are many success stories of people starting thriving businesses, but it seems like it'll be hard to get traction.

I'm based in, and have worked in the Niobrara region, but will consider any partnerships and assignments in the USA. Hell, for the right deal I might work overseas again because I do miss the action, perhaps I'll never retire, especially if I can get a new business to take off. I welcome contact from other oil and gas consultants. We're in this together, we always have been.

I welcome any input about the business climate, as well as any ideas of what to do. Are there any gaps in a market that aren't controlled by the big players?

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