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Canadian company to start oil and gas prospecting in Armenia

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  • Canadian company to start oil and gas prospecting in Armenia

    CANADIAN COMPANY TO START OIL AND GAS PROSPECTING IN ARMENIA

    Armenpress

    YEREVAN, MAY 2, ARMENPRESS: A Canadian TransEnergy company is set to
    start a large-scale oil and natural gas prospecting project in Armenia's
    Armavir region in summer. The project is based on findings of earlier
    studies to discover crude oil in Armenia in 1994-1995, initiated by the
    Armenian energy ministry within the frameworks of a TACIS program on the
    assessment of hydrocarbon potential of the country.
    Independent experts then concluded that there were grounded prerequisites
    of oil reserves of industrial significance. Andranik Aghabalian from energy
    ministry said an advertising campaign was started at various international
    exhibitions, as a result the Canadian company was granted the license to
    carry prospecting works in Armavir, which is the second of six zones that
    may have industrial oil reserves.
    Under the agreement with TransEnergy, it will cover all cost of the
    project. In case of successful studies the Armenian government and the
    company will exploit the filed oils jointly.
    TransEnergy and the government are close also to striking a deal on
    prospecting in Tavush region.
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