Armenia exploring its oil reserves

Exploration work has been carried out in Armenian territory since the 1960s. Test drills have been carried out in different places throughout the country. There were found some reserves of oil and gas in depths of around 3 kilometers. However, these reserves were so insignificant, that it was useless to continue drilling.

In the 20 years since the collapse of the Soviet Union, four different companies have attempted to continue the exploration work and to achieve some results, but so far this has been in vain. Armenian professor Albert Arutunyan, however, expressed his confidence that there is the real possibility that solid reserves of gas and oil exist although exploration should probe deeper.

Arutunyan promotes this idea and is encouraging the Armenian government and the business sector to increase their efforts.