Hartsdale oil company to add Chinese fields
Pacific Asia Petroleum Inc., a Hartsdale-based oil and natural gas company, said it expects to begin production in Chinese oil fields this year after the company signed agreements with Chinese business partners.
Chief Executive Officer Frank C. Ingriselli said that the opportuntes in China could add hundreds of wells to the company’s production portfolio.
Ingriselli is a former executive with Texaco Inc., the petroleum giant formerly based in Harrison. He started Pacific Asia Petroleum in 2005 to reach deals to explore for oil and gas in Asia. One of the company’s strategies is to negotiate with national energy companies in China to gain access to fields.
“Our company looks forward to working with our Chinese partners to enhance recovery from, and drill new wells, in several oil fields in China,” Ingriselli said. “We believe that this new business and the technology we have acquired offer great upside for our company not only throughout China’s energy market, but throughout Asia.”
In the agreement announced yesterday, Pacific Asia Petroleum said that its Hong Kong subsidiary, Pacific Asia Petroleum Energy Ltd., and its Chinese affiliate, Inner Mongolia Sunrise Petroleum Co. Ltd. signed agreements for oil recovery and production with various Chinese companies and individuals. Some of the agreements covered oil fields in Inner Mongolia and the Heilongjiang Province in China.
Pacific Asia Petroleum said that its Hong Kong subsidiary is expected to begin operations in the oil fields in the third quarter. Oil production and revenue generation will follow in the fourth quarter.