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Asked by TurtleShroom - 2 years ago
One of my bucket list ideas I've always wanted to do was drill for oil. It's always been a dream of mine to stick it to Leftists and see the black gold flow. (John D. Rockefeller is a personal hero of mine and I just find the idea of oil exploration amazing and exciting.)

The initial cost is VERY steep, but if you strike, it INSTANTLY pays for itself and the next well(s).

The question, though, is this. Let's say I find a spot that I think has oil, and the landlord okayed my decision to drill. How much will it actually cost for me to take the plunge? Can I drill for oil as one drills for well water? What will this cost me, and what machinary can properly drill for oil?

It's certainly not going to be my career, but a guy can dream... -and diversify their investments.
Additional Details added 2 years ago
For reference to the answerers, assume the following:

1. I have incorporated my business and am legally using it as the legal person performing these actions.

2. I have full consent from the landowner to do anything I want for oil.

3. I can afford to travel to the location and ship what is needed.

4. I am confident there is oil present, so no testing will be needed. I'm talking drilling, pure drilling.
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labarca Level 69
Answered 2 years ago
With high performance jackup rig rates in 2010 of around $150,000,[8] and similar service costs, a high pressure, high temperature well of duration 100 days can cost about US$30 million.

Onshore wells can be considerably cheaper, particularly if the field is at a shallow depth, where costs range from less than $1 million to $15 million for deep and difficult wells.[citation needed]

The total cost of an oil well mentioned does not include the costs associated with the risk of explosion and leakage of oil. Those costs include the cost of protecting against such disasters, the cost of the cleanup effort, and the hard-to-calculate cost of damage to the company's image.
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From TurtleShroom 2 years ago
As unreliable as Wikipedia is, this not only answered my question, but gave a fairly good price range.

The other two answers made me feel like I was getting mocked or shot down. Number One was fine, but Number Three was just insulting.
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scott1928 Level 37 / Minister
Answered 2 years ago
From the outset, your drilling is nothing more than a pipe dream, since there is no way that (as you stated in your second assumption) the landowner is going to give you consent "to do anything (you) want." He/she is not about to let you mess up his property without (1) your paying a certain amount of being on his land and (2) getting a percentage of the amount of oil that you find. Therefore, you need to figure in those amounts in your total expenses.

Next, you say that you are "confident" that oil is present. That is about the same as saying, "I hope there's oil there." When you're digging for oil, you have to know for certain that there's oil in a specific area. That's why testing is important. Drilling without testing is simply begging for failure.
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VelvetB Level 5 / Legal
Answered 2 years ago
Unfortunately, drilling for oil isn't the same as it used to be. The Beverly Hillbillies dream is just that, a dream. The government will assuredly find a way to collect at least 60% if not more of your profit as well as create a nightmare for you in regard to permits, codes, etc.. I wouldn't want to bother with the whole headache of it if it were me.
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