Oil drilling is one of the most lucrative businesses for entrepreneurs. When you can amass a sizable amount of capital from your other businesses, it is a good choice to start investing in the oil industry, as it continues to be a booming industry despite its ups and downs.
However, managing drilling operations is not as easy as finding an oil site and drilling immediately. You should be ready in various aspects and do the needed procedures when preparing to survey and drill a place.
Here’s how you can prepare for an oil drilling venture.
Recheck the Site
A geologist locates potential oil sites by looking for certain geologic formations and rock types. They keep an eye out for organic-rich rock, such as shale. Also, land formations, like anticlines or unconformities, are suitable for keeping oil underneath the surface.
Another way to check is to drill at the site itself if you are permitted to. However, the oil deposit might be located deeper than is expected, which can lead to geologists to decide that there is no oil in that site.
The last method is using seismology to determine the minerals that are beneath the surface. Seismic waves are induced using vibrator trucks, and the seismic lines are plotted depending on the amount of time it takes for the waves to be reflected.
Ready the Equipment
When preparing for your oil-drilling operation in Oklahoma, make sure that your oil tools are still in good condition. Inspect them for any signs of corrosion or cracks, as they are a reason for equipment failure that can cause delays during drilling.
The usual drilling problems that arise with poor equipment are hole deviation and drill pipe failure. Hole deviation occurs when the rig isn’t stabilized properly, which causes the drill to go off the path. Drill pipe failure, meanwhile, happens when a cracked or corroded pipe is used.
Don’t forget to prepare the transportation method for oil. If your site is too far from the refinery to be moved using pipelines, you can use trucks or trains for land transport and ships for sea transport.
Prepare the Site
Check if your site is located near bodies of water, such as lakes or oceans. Water is vital during drilling to keep equipment from overheating and help drilled debris rise to the surface. If there are no water sources nearby, make sure to have water transported in advance.
Cordon off the site to prevent any passersby from accidentally entering and getting into an accident. Put up signs that are eye-catching and visible from afar. Inform nearby residents in advance to avoid getting complaints.
Handle Legal Matters
Before you can begin mining, however, you should identify if someone owns the land the site is in. You will need to work out an agreement that will allow you to survey the site and drill it. If you don’t intend to purchase the land, a mineral lease will suffice.
If you are handling multiple operations, you might consider purchasing the land instead. Doing this will reduce your competitors’ chances of acquiring a site before you do and allow you to gain the upper hand in the market.
If you intend to start investing in the oil industry, make sure to do your needed research before making any decisions. Mistakes are more costly when you’re starting and can end up consuming most of your resources if you aren’t careful.