ArmenPress
Feb 25 2005

CRUDE OIL TO BE PROSPECTED IN SHIRAK PROVINCE

GYUMRI, FEBRUARY 25, ARMENPRESS: Inspired by reports that crude
oil reserves have been discovered in the neighboring Turkish province
of Kars Armenian National Academy of Sciences had released 160
million drams for primary prospecting of an area in the northern
Shirak province, bordering Turkey.
This territory was first prospected in an effort to track down
crude oil fields 45 years ago but then scientists found no
substantial evidence of it.
The money does not envisage well-boring. It will be used mainly to
examine the chemical composition of underground waters and some other
necessary studies. The studies are supposed to be conducted in two
stages, they will kick off in April and will be over in autumn. If
evidence of oil reserves is found, Armenia will asked donor
organizations for new funding.