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An  emerging multinational  oil and gas service group,  Gas Group, has signed a joint collaborative agreement with China National Offshore Oil Corporation Energy Group  to invest over $200m in the development of oil field-related tools.

The agreement was signed in Tiangjin China by Chief Executive Officer, Gas Group, Mr. Gliffeth Wonuigwe and the Chief Executive Officer, CNOOC Energy Group, Mr. Nan Shan, who was represented by the firm’s Director, International Operations, a joint statement by the firms on Wednesday indicated.

Under the agreement, CNOOC will establish a major tools stocking centre at Kidney Island, Port Harcourt, Rivers State with an investment outlay of over $200m over the next ten years.

The stocking of the centre is expected to commence in April this year as the facilities to receive the tools were already in place at Kidney Island, the firm said.

The  establishment of the  centre  is expected to create  about  2,000 jobs  as the major focus of the  tools centre  will be on call up jobs and participation in  several upcoming bids for  revamp of  abandoned wells  as well as new field development projects.

One of Gas Group subsidiaries, 1st Atlantic Drilling and Support Services Limited, is at the lead in the relationship with CNOOC Energy over the project, the statement added.

Gas Group is also involved in produced water treatment and is currently holding discussions with a reputable world leader in produced water treatment in that regard.

Gas Group has three subsidiaries and is an oil and gas group with 49 per cent American equity holding, with Nigerians holding 51 per cent.

Century Energy Services, one of Nigeria’s leading energy service company and a major force in FPSO asset management  in  Nigeria, holds  30 per cent of the Nigerian equity in  Gas Group.