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The China National Offshore Oil Corporation Energy Group (CNOOC) and Gas Group plans to invest over $200 million in the Nigerian oil and gas industry. Already, the firms had invested $50million in the development of oil field-related tools and plan to inject additional $150 million in downhole tools, logistics trucks, machine shop and rig assembly plant to be located at Kidney Island in, Port Harcourt, Rivers State.

The Group Chief Executive Officer, Gas Group, Mr. Gliffeth Wonuigwe, disclosed that the venture was being executed through First Atlantics Drilling Services Limited, a subsidiary of the Gas Group in collaboration with CNOOC Energy Group, a Chinese group with over $30 billion revenue in exploration and production and associated integrated services.

Wonuigwe said officials of the Nigerian National Petroleum Corporation (NNPC) and executive members of the International Oil Companies (IOCs) last week visited that the company's Warehouse at Kidney Island in Port Harcourt, the Rivers State capital, adding that the joint investment started with the signing of a strategic integrated agreement with CNOOC in Tiangin China 2012 by Wonuigwe and the Chief Executive Officer, CNOOC Energy Group, Mr. Nan Shan, who was represented by the firm's Director, International Operations. The agreement, which entails an investment outlay of over $200 million over the next 10 years, covers joint operation of downhole tools stocking, fishing and well completion services and logistics.

"The Second Tier is the investment of $150 million in rig assembly plant at Kidney Island eastern area. The service will be executed by Houston-based IDE and Loadcraft," Wonuigwe said.

According to him, the investment would help to empower Nigerians and the global oil industry and will create over 5,000 employment opportunities in rig assembly and other oil field services.

"We have invested over $50 million in the first phase, which informed the facility tour. We took a delivery of $10 million worth of tools and trucks and another shipment of $40 million will arrive Nigerian port at the end of March," he added.

Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr. Fidel Pepple, who represented the NNPC's Group Executive Director, Exploration and Production, Mr. Abiye Membere, observed that the Gas Group had been adding value to the oil and gas industry in terms of consistent empowering of Nigerians through the technical partners by providing expertise for the transfer of technology to Nigerians.

He urged IOCs to support investments made by the Gas Group in Nigeria by patronising its logistics base at the Kidney Island.

"For Nigerian companies to grow so that we can develop adequate capacity in-country for all projects, it is necessary for the IOCs to support all Nigerian companies," he added.

Also, Chief Executive officer, Century Energy Services Limited, Mr. Ken Etete, represented by the company's Managing Director, Mr. Tupere Bruno, lauded the project and the group's investments in Nigeria's oil and gas industry.

"We are happy to be part of the project of Gas Group and happy about the capability to be put into utilisation in the country by the partners. We now have the in-country capability, which in the past, was mainly controlled by foreign companies without any indigenous participation."

He added that the JV would fast-track the transfer of technology as a new era of possibility that should be embraced.