Integral Petroleum to explore oil, gas in Armenia

Integral Petroleum to explore oil, gas in Armenia

PanARMENIAN.Net - Integral Petroleum company was provided with governmental license for exploration of oil and gas reserves in Armenia at Thursday, November 22 sitting.

The government also approved an agreement stipulating for sharing the products mined.

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Total underground mineral resources comprised 4.3 million tons of ore, averaging 4.2 grams per ton for 0.6 mln ounces of gold equivalent.
For those with a monthly consumption of 10 thousand cubic meters or more, the current price of $276.98 would be reduced to $257.56.
The PM said the impact of the agreement on ordinary consumers will be announced once relevant authorities consider the issue.
Azerbaijan is highly dependent on oil revenues and its preliminary 2016 budget indicates reductions in military spending, the report says.
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