CANADIAN COMPANY TO SEARCH FOR OIL AND GAS IN ARMENIA

PanARMENIAN.Net
22.06.2006 15:14 GMT+04:00

/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.