A threadless oil plug is provided for threadlessly sealing a drain hole of an oil pan. The plug has a disc-shaped magnet and a cylindrical stem that projects outwardly from the magnet. A gasket is fastened around the stem in juxtaposition with a planar surface of the magnet. The stem is adapted for insertion into the drain hole of an oil pan, thereby centering the magnet and magnetically sealing the gasket around the drain hole. A removal tool has a hand grip with a splash guard. The hand grip and the splash guard are attached to a magnet. To remove the plug, the magnet of the removal tool is magnetically fastened to the magnet of the plug so that the plug may be safely removed from the drain hole in one motion. The plug is reinstalled in the drain hole in one motion, without the use of any tools.