Monday, October 17 2016 16:26
Naira Badalian

Light tight oil processing plant may be launched in Armenia

Light tight oil processing plant may be launched in Armenia

ArmInfo. The negotiations on construction of a light tight oil processing plant in Armenia will be completed by late 2016. Afterwards, it is envisaged to launch a project on development of light tight oil industry in the Eurasian Economic Union within the next two years, Dr.  Sam M. Saeed, Chief Technology Officer of AERTC's "ENUGY Project", has told ArmInfo.   

The expert says that Armenia has large light tight oil reserves. He notes at the moment the company is conducting a dialogue with Head of the Union of Armenians of Russia Ara Abrahamyan to launch the project on introduction of new energy technologies in the EEU member states within the shortest time possible. Diversification of alternative sources of hydrocarbons through developing the light tight oil industry will become especially relevant amid the dwindling reserves of the traditional energy resources and the dropping prime cost of the light tight oil output (1.5-2-fold over the past 2-3 years).         

Dr. Sam M. Saeed says that according to the latest surveys, Kazakhstan and Armenia have huge light tight oil reserves and can be energy hubs for the entire region. He notes that at the moment the company is going to conduct overland surveying operations to draw up the topographic maps of the entire Eurasian region. At the same time, the surveyed resources of the light tight oil are estimated at 500 bln tons. As regards Armenia, the expert says that the reserves here are less than in Kazakhstan, however, according to the preliminary data, one can say confidently that the current reserves will not only satisfy the domestic needs of the country, but also can be exported.

To recall, on 22 May 2013 the then US Ambassador to Armenia John Heffern said in response to ArmInfo's question that the U.S. Geological Survey representatives completed the study of Armenia's shale gas resources. Previously, on August 3 2012, a memorandum of understanding was signed between the Armenian Ministry of Energy and Natural Resources and the Isle of Man-registered International Minerals & Mines Ltd. It was paving the way for the exploration of Armenia's shale reserves.  Should large-scale commercial extraction proceed, Armenia's energy find could grant the country a measure of energy independence and, with it, newfound geopolitical freedom. The Aug. 3 deal came on the heels of another agreement between the Energy Ministry and the U.S. State Department in June to cooperate in energy exploration, commercialization and investment. This agreement planned "cooperative assessment and technical studies of Armenia's energy resources, including any potential shale gas resources."

According to the Armenian energy ministry, the August agreement was the result of an international shale gas conference sponsored by the U.S.  Government, which offered exploration grants to Armenia and other countries. Previous assessments suggested Armenia's hydrocarbon reserves were small. The US Geological Survey, which was identified in the June memorandum as a technical partner in the joint effort, identified 44 million tons of in-place shale oil reserves in the Aramus region based on a 1994 study. The Armenian Government, however, raised the figure in a 2005 report (.pdf), listing 17 million to 18 million tons of shale oil reserves in Ijevan, Shamut and Jermanis and 128 million tons in Dilijan, reported the World Politics Review.

POST A COMMENT
Input digits     


News
UBA Head: Armenian banking system RoE became comparable to countries  with similar economiesUBA Head: Armenian banking system RoE became comparable to countries  with similar economies
Decision that was made in 10 days - UBA chairman on HSBC Bank`s exit  from ArmeniaDecision that was made in 10 days - UBA chairman on HSBC Bank`s exit  from Armenia
Daniel Azatyan: in Armenia, highest lending growth was registered in  construction sector, with decrease in industrial sector Daniel Azatyan: in Armenia, highest lending growth was registered in  construction sector, with decrease in industrial sector 
Entry of bank with international brand into financial market of  Armenia always desirable and important - UBA chairmanEntry of bank with international brand into financial market of  Armenia always desirable and important - UBA chairman
Armenia`s commercial banks to be authorized to issue guarantees for  participation of Armenian companies in procurement in EAEUArmenia`s commercial banks to be authorized to issue guarantees for  participation of Armenian companies in procurement in EAEU
Net inflow of transfers to Armenia decreased by 36% in 2023Net inflow of transfers to Armenia decreased by 36% in 2023
Economist: Outflow of remittances from Armenia to continue to grow in  2024Economist: Outflow of remittances from Armenia to continue to grow in  2024
Transavia to start operating flights on route Lyon - Yerevan - Lyon Transavia to start operating flights on route Lyon - Yerevan - Lyon 
Ameriabank set to join BOGG, a London Stock Exchange (LSE) listed financial group as a standalone entityAmeriabank set to join BOGG, a London Stock Exchange (LSE) listed financial group as a standalone entity
Bank of Georgia announces proposed acquisition of Ameriabank for  $303.6 millionBank of Georgia announces proposed acquisition of Ameriabank for  $303.6 million
Former MP on economic situation in Armenia: Former MP on economic situation in Armenia: "What is brought by water  will go with water"
Armenia, Iran discuss possibilities of strengthening logistics ties  between  two countriesArmenia, Iran discuss possibilities of strengthening logistics ties  between  two countries
Which Book to Choose as a Gift for the Book Giving Day? A Piece of Advice from Idram and IDBankWhich Book to Choose as a Gift for the Book Giving Day? A Piece of Advice from Idram and IDBank
SRC: individuals-residents of Armenia must pay tax on income received  abroadSRC: individuals-residents of Armenia must pay tax on income received  abroad
Expert: SRC should have taxed labor migrants only after large-scale  information campaign for them, which was not doneExpert: SRC should have taxed labor migrants only after large-scale  information campaign for them, which was not done
Global economic growth to slow -EDBGlobal economic growth to slow -EDB
EDB expects fiscal policy to stimulate Armenian economy in 2024 EDB expects fiscal policy to stimulate Armenian economy in 2024 
Armenian Card: arca.am application to stop operating from Apr 15,  2024Armenian Card: arca.am application to stop operating from Apr 15,  2024
Bank of Georgia Group PLC announces possible transaction to acquire  Ameriabank CJSCBank of Georgia Group PLC announces possible transaction to acquire  Ameriabank CJSC
Armenian insurance sector profit decreased by 33% in 2023Armenian insurance sector profit decreased by 33% in 2023
With HSBC`s withdrawal, Armenia loses last transnational  institutional investor - analystsWith HSBC`s withdrawal, Armenia loses last transnational  institutional investor - analysts
Armenia amends Gyumri Urban Roads Project agreement with EBRDArmenia amends Gyumri Urban Roads Project agreement with EBRD
Moody`s assigns B2 rating to Electric Networks of ArmeniaMoody`s assigns B2 rating to Electric Networks of Armenia
Electric Networks of Armenia CJSC bonds successfully placed Electric Networks of Armenia CJSC bonds successfully placed 
Food Safety Inspection Authority of Armenia responds to  Rospotrebnadzor`s decision to suspended sale of Jermuk mineral waterFood Safety Inspection Authority of Armenia responds to  Rospotrebnadzor`s decision to suspended sale of Jermuk mineral water
Within year, TUMO Center for Creative Technologies to open in Los  AngelesWithin year, TUMO Center for Creative Technologies to open in Los  Angeles
S&P Global Ratings upgrades Ardshinbank to `BB-`; outlook S&P Global Ratings upgrades Ardshinbank to `BB-`; outlook "Stable"
Ministry of Economy: Armenia almost doubled industrial and natural  diamonds` export in 2023Ministry of Economy: Armenia almost doubled industrial and natural  diamonds` export in 2023
How to Celebrate Love Days? A Piece of Advice from Idram and IDBankHow to Celebrate Love Days? A Piece of Advice from Idram and IDBank
Armenian official, ADB reps discuss construction, management projects  Armenian official, ADB reps discuss construction, management projects  
Emphasis in export strategy must be placed on markets not yet open to  us - Armenia`s economy minister Emphasis in export strategy must be placed on markets not yet open to  us - Armenia`s economy minister 
Fitch upgrades ACBA Bank to `BB-`; Outlook stableFitch upgrades ACBA Bank to `BB-`; Outlook stable
EEC: it is necessary to develop the initiative to establish EAEU  trading houses in IranEEC: it is necessary to develop the initiative to establish EAEU  trading houses in Iran
Visa Travel card - your best friend of the roadVisa Travel card - your best friend of the road
Armenia yet to decide on NPP construction companies Armenia yet to decide on NPP construction companies 
Armenia`s authorities trying to solve problem of lack of nuclear  energy personnel Armenia`s authorities trying to solve problem of lack of nuclear  energy personnel 
Impact of re-exports on GDP growth within 1% in 2023Impact of re-exports on GDP growth within 1% in 2023
Armenia`s premier warns against misappropriation of funds Armenia`s premier warns against misappropriation of funds 
Tax paying employee number one hero in Armenia - premier Tax paying employee number one hero in Armenia - premier 
Armenia`s economy minister comments on Georgia`s new cargo  transportation requirementsArmenia`s economy minister comments on Georgia`s new cargo  transportation requirements
Geopromining company fulfilling its investment commitments on  schedule - vice-premier Geopromining company fulfilling its investment commitments on  schedule - vice-premier 
It was investors who offered government to accept shares of companies  as gift - premierIt was investors who offered government to accept shares of companies  as gift - premier
Armenia has great potential for the development of robotics and  artificial intelligence - Paolo PirjanianArmenia has great potential for the development of robotics and  artificial intelligence - Paolo Pirjanian
47 Armenian producers to their products at international food and  beverage exhibition Gulfood 202447 Armenian producers to their products at international food and  beverage exhibition Gulfood 2024
Armenia shows reasonable approach to medical insurance - Gennady  OnishchenkoArmenia shows reasonable approach to medical insurance - Gennady  Onishchenko
Ministry of Health of Armenia no longer deals with the return of  accumulated pensionsMinistry of Health of Armenia no longer deals with the return of  accumulated pensions
Vahan Kerobyan:  negative foreign trade balance to approach zero by  the end of 2023Vahan Kerobyan:  negative foreign trade balance to approach zero by  the end of 2023
State duties to be applied on exported gold, platinum and palladium  in Armenia State duties to be applied on exported gold, platinum and palladium  in Armenia 
Effect of external factors on Armenia`s GDP growth over 6% in 2022 Effect of external factors on Armenia`s GDP growth over 6% in 2022 
Decision to sell HSBC Armenia follows strategic reviewDecision to sell HSBC Armenia follows strategic review
Ardshinbank announces agreement to acquire HSBC ArmeniaArdshinbank announces agreement to acquire HSBC Armenia
Four new metallurgical works put into operation in Armenia since 2020Four new metallurgical works put into operation in Armenia since 2020
AMD 3,665,972 to Armenian Mothers. In February, Cancer Awareness Month, The Power of One Dram will be directed to the City of SmileAMD 3,665,972 to Armenian Mothers. In February, Cancer Awareness Month, The Power of One Dram will be directed to the City of Smile
EDB forecasts 5.7% GDP growth in Armenia for 2024EDB forecasts 5.7% GDP growth in Armenia for 2024
Vahan Kerobyan: Our companies should be the first, not the last,  adopters of AIVahan Kerobyan: Our companies should be the first, not the last,  adopters of AI
 Armenian premier: there is no unified approach to building common  energy market in EAEU Armenian premier: there is no unified approach to building common  energy market in EAEU
Armenia`s trade turnover with EAEU increased by 39% in 2023 -  PashinyanArmenia`s trade turnover with EAEU increased by 39% in 2023 -  Pashinyan
Artificial intelligence agenda needed involving government, business,  academic circles, and public - CBA chairman Artificial intelligence agenda needed involving government, business,  academic circles, and public - CBA chairman 
Ministry of Economy is ready to support  aluminum foil manufacturer  in Armenia, which is already feeling consequences of Western  sanctionsMinistry of Economy is ready to support  aluminum foil manufacturer  in Armenia, which is already feeling consequences of Western  sanctions
Vahan Kerobyan: IT sector`s progressive development had major impact  on economic activity growth rate Vahan Kerobyan: IT sector`s progressive development had major impact  on economic activity growth rate 
Read more


Exchange rates
20.02.2024
RUB4.380.00
USD404.470.10
EUR436.871.16
GBP510.00-0.11
CAD300.030.03
JPY26.94-0.02
CNY56.230.05
CHF459.00-0.04