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Armenia expects investment of $5 mln in oil, gas exploration

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  • Armenia expects investment of $5 mln in oil, gas exploration

    Interfax News Agency, Russia
    Oct 31 2008


    Armenia expects investment of $5 mln in oil, gas exploration over next
    2-3 yrs

    YEREVAN Oct 31


    Investment in exploration for oil and gas in Armenia will total $5
    million over the next two to three years, Armenian Energy and Natural
    Resources Minister Armen Movsisian told parliament on Friday.

    An agreement on investment has been reached with investors, "who are
    already working and want to work in this area in the country," he
    said.

    "These are specialized companies. They don't throw their money away
    and see real potential in Armenia," he said.

    Companies have invested some $5 million in the exploration of oil and
    gas in the country over the last few years, he said.

    International experience shows that only one of every six wells
    drilled turns out to be productive. One meter of drilling costs
    roughly $1,000, he said.

    From: Emil Lazarian | Ararat NewsPress
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