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