Romanian oil services company sets up subsidiary in Nigeria

Local oil services company Grup Servicii Petroliere (GSP), owned by the Romanian investor Gabriel Comanescu, will set up a subsidiary in Nigeria, the country with the largest oil and gas industry in Africa.

Nigeria’s proved oil reserves are estimated between 16 and 35 billion barrels, and the investments in this sector will amount to USD 200 billion in the next ten years.

Constanta-based GSP performs offshore drilling and construction for the oil industry and hopes to get USD 500 million worth of contracts in Nigeria. The company has a fleet of 13 ships and seven mobile drilling platforms worth USD 1 billion. Gabriel Comanescu is one of the richest Romanians, with an estimated wealth of EUR 600 million. He also has other businesses related to the oil industry, such as the manufacturing of equipment for the oil and gas industry. Comanescu bought six mobile drilling platforms for USD 150 million from oil & gas company Petrom, after the company was acquired by Austrian group OMV. His group has revenues of over EUR 200 million. editor@romania-insider.com (photo source: gspoffshore.com)