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Hire oil consultants to perform studies before your business begins new projects

Before your company begins its next big project, obtain the services of an oil consulting firm. Oil industry consultants can help your business navigate your next petroleum project with detailed feasibility studies, geological studies and geophysical studies. These studies offer valuable insights into the potential technical and financial success of a project, and can save your business time and money.

I recommend: Find out what kind of information is included in feasibility studies for the oil industry and how a feasibility study can benefit your business at Ramboll Oil & Gas. Learn more about the scope of oil and gas feasibility studies at TRU Group.

Select oil consultants who increase productivity with effective project management

Petroleum consultants offer a wealth of project management services designed to increase business productivity. Oil and gas consultants use their industry knowledge and experience to determine the most effective project management solutions for your business, with services ranging from petroleum engineering and drilling to construction project management and sustainable development.

I recommend: Learn more about oil and gas consulting project management services like production, engineering and drilling at Merrick Systems. Nexant offers a wide variety of project management services for the petroleum industry and features project management software programs.

Choose oil industry consultants skilled in evaluating assets and increasing profits

Optimize financial productivity for your business by hiring an oil consulting firm with experience in asset management and economic analysis. An experienced and knowledgeable oil and gas consultant can help your business strategically maximize profits and minimize expenses.

I recommend: Learn about the asset management model IDEAS uses to increase business profits for oil and gas companies. Get the latest oil industry financial news and learn how your business can develop strategic plans to increase profits at WTRG Economics.

Helpful advice for making the most of this Guide

• •  Before hiring a gas consulting firm, find out if the firm has expertise in EPA regulation and compliance support. Your oil and gas consulting firm should have experience negotiating with environmental authorities and evaluating environmental compliance for your facilities.

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Determine the type of oil and gas consultant services that you need for your business

The first step in selecting an oil and gas consulting firm to aid your business consists of determining the kinds of consulting work that you need. Different companies offer different types of services; knowing what you need can help limit your search for a consulting firm.

I recommend: Request ideas and information for business consulting in the oil industry from Schlumberger Business Consulting.

Find petroleum consultants with expertise that matches the type of consulting you need

The many oil consultants and gas consultants offer a wide variety of consulting services. Some assist with higher level planning, improving team efficiency, interpreting data or even performing fieldwork.

I recommend: Contact Daub & Associates for consulting relating to fieldwork, drilling, log interpretation and geological mapping for a variety of oil and gas sources. Contact Ziff Energy Group for oil consulting relating to both exploration and production and for various gas consulting needs. Look to the oil and gas consultants at PFC Energy for strategy development and modeling.

Determine the depth of experience of the oil and gas consulting firms that can help your company

Before hiring any oil consulting firm, it is imperative to make sure that the consultants have an acceptable level of experience in the type of consulting that your business needs. You may want to check out previous clients of the oil and gas consulting companies that interest you and obtain references or descriptions of their prior consulting work.

I recommend: Join Oil Consultants to access the resumes and qualifications of hundreds of approved oil industry consultants. Contact the many past clients of Daub & Associates.

Helpful advice for making the most of this Guide

• •  Oil and gas consulting companies that have been in business for many years are usually more expensive than newer consulting companies. If cost is a concern for your company, consider choosing newer consultants if you need them for a less complex problem or issue.

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Select oil consulting firms that offer globally competitive prices

Because petroleum consulting firms have access to a global marketplace, pricing and costs of oil and gas consultants vary depending on geographic region. The billing expenses for oil consultants in the United States range from $5,000 to more than $50,000 per month depending upon the scope and complexity of the consulting contract.

I recommend: Learn how consultants calculate fees and what you should expect to pay for a consultant at CapturePlanning.com. Permian Consulting requires a minimum evaluation and consulting fee of $500, which includes set up cost.

Choose hourly billing for short-term or project-based oil and gas consultancy contracts

Billable hours is a popular pricing structure in the oil and gas consultant industry. Billable hours are calculated by the number of hours needed to complete a project based on the consultant's billing rate, typically ranging from around $100 to $200 an hour. Be sure to dictate a maximum monthly fee in your oil consulting contract.

I recommend: International Construction Consulting offers several different contract structures, including hourly rates, day rates and monthly rates. The Banks Group charges around $75 per hour for oil and gas research fees and provides an extensive FAQ on the firm's business practices.

Select retainer billing for long-term relationships with oil and gas consulting firms

A retainer approach is a smart strategy to budget for the pricing and costs of oil and gas consultants. Once the consulting firm and your business have determined your consulting needs, the gas consulting firm calculates a monthly fee. With a retainer, your business knows what to expect each month; but be aware that a retainer may limit the time your consulting firm can spend on your account each month.

I recommend: Learn more about one-year and two-year contracts at fixed, fixed/index or index terms at at Independent Energy Consultants. Dwight Ingram offers oil and gas consulting services for a $1,000 retainer fee.

Helpful advice for making the most of this Guide

• •  Before hiring a gas consulting firm, find out if the firm has expertise in EPA regulation and compliance support. Your oil and gas consulting firm should have experience negotiating with environmental authorities and evaluating environmental compliance for your facilities.
• •  Before you sign a contract with oil industry consultants, make sure your contract includes a 60-day cancellation clause. The cancellation clause is important in the event you aren't satisfied with your oil and gas consulting services.

Action Steps
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Feasibility studies

Feasibility studies are analyses of prospective projects. These studies offer conclusions and recommendations after consultants apply technological and economic analyses. Tools include modeling and simulations of potential projects. After reviewing the feasibility study, a company can decide whether or not to go forward with the proposed project.

I recommend: Ramboll Oil & Gas is a consulting company that offers feasibility studies.

Due diligence assessment

A due diligence assessment may be required of government bodies, financial institutions, or a company that's considering a new venture. These assessments are done to discover whether a company is making a sincere effort to comply with applicable laws, rules and regulations of the oil industry.

I recommend: More information on due diligence assessments can be found at the TRU Group website. TRU Group is a consulting firm that offers due diligence assessments.

Asset management

An oil consulting firm provides asset management to help a company spend as efficiently as possible and make the most of its revenue. It often takes an outside source to do this objectively.

I recommend: For more information on asset management, see the program from the consulting firm, Ideas.

Geological studies or geophysical studies

Geological and geophysical studies are necessary before a project can begin, or even before a feasibility study can be properly carried out. The geologists who perform these studies are not usually on staff at an oil and gas company, and must be hired from a geological consulting company or association.

I recommend: Advanced Geologic Exploration is a geologic consulting firm that assists oil and gas companies with geophysical of studies.

Risk Management or risk analysis

Risk assessments or analysis are done as part of a feasibility study before projects begin, and also throughout the entire process of exploration, transportation and distribution. To manage risk, consultants identify various hazards, as well as the frequency of issues and then ways to reduce them. Solutions are studied, planned and put in effect with new rules or changes in business practices.

I recommend: Peter Carr Consultants is one consulting company that specializes in risk analysis and management.