Dear Forum Members,
I am a young lawyer and Recently, i had a discussion with a couple of friends with similar interest of going into business as prospective young entrepreneur. We agreed that the best option for us is to delve into the downstream sector of the petroleum industry going by the prospect of the Local Content Act and the Petroleum Industry Bill.
As i said before, I am a lawyer with interest in the oil and gas sector. the other three friends majored in computer engineering, accounting and sociology. It is worth noting that none of us have worked previously in a major oil and gas company, so in terms of previous experience, it is next to nothing.
I seek advice and suggestions from the members of this forum on how best or the surest way to get into this sector so as to achieve the desired aim (profit). We don't want to register a catastrophic loss by creating room for mistakes. We have agreed to register a company to actualize this, we intend to get into both distribution, marketing and supplying of crude oil, refined product as well as spare parts for the industry.
As none of us have previous engineering experience in oil and gas, your positive suggestions are highly welcomed as we want not only to create employment for ourselves but also for the army of unemployed graduates in this country.

Get one more partner to fill the remaining hole.

tea-party:

Dear Forum Members,
I am a young lawyer and Recently, i had a discussion with a couple of friends with similar interest of going into business as prospective young entrepreneur. We agreed that the best option for us is to delve into the downstream sector of the petroleum industry going by the prospect of the Local Content Act and the Petroleum Industry Bill.
As i said before, I am a lawyer with interest in the oil and gas sector. the other three friends majored in computer engineering, accounting and sociology. It is worth noting that none of us have worked previously in a major oil and gas company, so in terms of previous experience, it is next to nothing.
I seek advice and suggestions from the members of this forum on how best or the surest way to get into this sector so as to achieve the desired aim (profit). We don't want to register a catastrophic loss by creating room for mistakes. We have agreed to register a company to actualize this, we intend to get into both distribution, marketing and supplying of crude oil, refined product as well as spare parts for the industry.
As none of us have previous engineering experience in oil and gas, your positive suggestions are highly welcomed as we want not only to create employment for ourselves but also for the army of unemployed graduates in this country.

I'm not sure the Local content act has anything to do with the downstream sector. The downstream sector has wholly-owned Nigerian listed companies participating. That sector is populated by the likes of Oando, MRS, Total, Global Fleet, Obat, Ascon, etc. I think it's the upstream sector that is largely impacted by the legislation.

I don't know what value you can add without any experience (or money, since you are coming to Nairaland to ask questions) . Do you at least have contacts in that industry, and have you been speaking to them? This isn't a topic for Nairaland debating.

This should be in the business section, do you have any business experience to start with?

BTW

what is the downstream sector of oil and gas? petrol stations, reservoirs etc?

Dis Guy:

This should be in the business section, do you have any business experience to start with?

BTW

what is the downstream sector of oil and gas? petrol stations, reservoirs etc?

Theres a copy in the Business section (39 views, no answers there yet).

Perhaps he's hoping to learn from our O&G Executives and Investment gurus here?