In a large saucepan, add 1 tablespoon olive oil and the frozen chicken strips. Allow to chicken to partially cook, stirring occasionally. Remove partially cooked chicken to a plate, and set aside. To the same pan, add an additional tablespoon of olive oil, along with the peppers and onion. Saute for 3 to 4 minutes, then add the chicken back to the pan. Stir in the fajita seasoning packet, water, and continue to cook until peppers and onion are tender, and chicken is heated through.