Canadian Company to Search for Oil and Gas in Armenia

PanARMENIAN.Net - Transeuroenegery Corporation, Canada, will launch exploring works to search for oil and gas fields in three Armenian regions - Armavir, Krasny and Shoghaghbyur. "I am sure there are oil and gas deposits in Armenia," said Head of the Corporation Armenian Office Mike Smith. "Why should not Armenia have oil and gas, if all neighbors have them? In the past, in my opinion, Armenia was not lucky and prospecting works were not a success. However I am sure Armenia has oil and gas deposits," he remarked. According to Smith, scholars searched for oil in Armenia already in 70s of the past century. "This did not pursue commercial goals, while we are ready to introduce the necessary technical equipment and get the responses to the questions of interest," Smith said.



The Canadian Corporation has concluded an agreement with an exploration company, which is ready to transport modern equipment to Armenia. "This equipment will allow exploring the bowels at the depth of 2500 meters, while causing minimal damage and getting the maximal outcome," Mike Smith said. In his words, works will start in September, while the and first results will be ready in February 2007, reports RFE/RL.