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    Categories: News

Armenia expects investment of $5 mln in oil, gas exploration

Interfax News Agency, Russia
Oct 31 2008

Armenia expects investment of $5 mln in oil, gas exploration over next
2-3 yrs

YEREVAN Oct 31

Investment in exploration for oil and gas in Armenia will total $5
million over the next two to three years, Armenian Energy and Natural
Resources Minister Armen Movsisian told parliament on Friday.

An agreement on investment has been reached with investors, "who are
already working and want to work in this area in the country," he
said.

"These are specialized companies. They don’t throw their money away
and see real potential in Armenia," he said.

Companies have invested some $5 million in the exploration of oil and
gas in the country over the last few years, he said.

International experience shows that only one of every six wells
drilled turns out to be productive. One meter of drilling costs
roughly $1,000, he said.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian: “I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS
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