Interfax
Oct 20 2004

Rosneftegazstroi to prospect for oil, gas in Armenia

Moscow. (Interfax) – Russia’s Rosneftegazstroi is registering a
license with the Armenian Energy Ministry to prospect for oil and gas
in the Shirak province, 120 km from Yerevan, Ruben Melikonian, the
company’s vice president, told Interfax.

Melikoian said Armenia had commercial oil an gas reserves. “We will
use modern technology to find these deposits,” he said.

Geologists have drilled more than 200 prospecting wells, mostly in
Central Armenia, since 1947 and found little to show for their
efforts. Even so, the Soviet government estimated in 1979 that
Armenia hosted a potential 100 million tonnes of oil and 100 billion
cubic meters (bcm) of gas.

Rosneftegazstroi will go on to prospect for oil and gas in other
regions of Armenia, Melikonian said.

Rosneftegazstroi is thinking of setting up a joint venture and
opening a representative office in Armenia, he said.

The company is also interested in the Iran – Armenia gas pipeline
construction project, he said.