Pacific Asia Petroleum begins operations at Chinese oil well
Pacific Asia Petroleum Inc., a Hartsdale-based oil and natural gas company, said that it has started operations at its first oil well in the Liaoning Province of China through the work of its Hong Kong subsidiary and a Chinese partner. Production at additional wells in the province are expected to follow.
“We are targeting hundreds of wells to add to our production portfolio and are aggressively pursuing such opportunities not only in the China market, but elsewhere in Asia,” said Frank C. Ingriselli, president and chief executive officer of Pacific Asia Petroleum.
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 oil fields.
Pacific Asia Petroleum said that China may hold more than 20 billion barrels of unrecovered oil that could be extracted with the help of its technology.
Ingriselli said start of operations at the first well “is a significant milestone for our company that will generate cash flow and revenues in the third quarter.” That is earlier than the company previously anticipated.