Canadian Company to Search for Oil and Gas in Armenia

YEREVAN (PanArmenian)–A Canadian energy company–Transeuroenegery Corporation–will launch an exploratory mission to search for oil and gas fields in the Armenian regions of Armavir–Krasny–and Shoghaghbyur.

"I am sure there are oil and gas deposits in Armenia," said the head of the corporation’s Armenian Office Mike Smith. "Why shouldn’t Armenia have oil and gas–if all their 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–researchers searched for oil in Armenia in the 1970’s–but they were not pursuing commercial goals. "We are ready to introduce the necessary technical equipment and get responses to the questions of interest," Smith said.

The Canadian corporation has just signed an agreement with an exploration company–which is ready to transport more modern equipment to Armenia.

"This equipment will allow exploring at depth of 2500 meters–while causing minimal damage and getting the maximal outcome," Mike Smith said.

He said the project will begin in September–while the first results will be ready in February 2007.

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