By Asbarez | Friday, 12 December 2014
A view of the Vardeneats Mountain Pass in the Vayots Dzor province of Armenia, where oil exploration is taking place
Vardanian said the territory of Armenia is divided into six blocks between the companies. He said the first and third blocks located in the north of the country are being explored by a Russian company, Armoil; the second block in Armavir province is being explored by Armenian company Integral Petroleum; and the fourth, fifth and sixth blocks in Gegharkunik and the southern regions are being explored by the Armenian subsidiary of Ireland’s Blackstairs Energy PLC.
Vardanian said the companies have obtained all necessary licenses and permits and will present their findings later. According to him, Armoil and Integral Petroleum were granted 5-year licenses in 2013 while Blackstairs Energy Armenia has extended its two-year license three times.
Oil exploration in Armenia began in the 1940s and 50s. It was stepped up in the 1960s, when several 4 km deep wells were drilled in Artashat and Hoktemberian regions near Yerevan. Some wells contained small amounts of oil and gas.
Before 1991 some 120 wells were drilled in Ararat Valley, but none contained enough oil for commercial development. The interest of foreign companies in Armenia increased in 2000 following a rise in global oil and natural gas prices.
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