YEREVAN. – A third oil and natural gas exploration company, Armoil, has emerged in Armenia.

In April, the company obtained a standard five-year license to conduct respective searching.

It is noteworthy that Blackstairs Energy Armenia, which is a subsidiary of Blackstairs Energy PLC, likewise retained its license for its share of the sectors plus it received another sector. 

The third company, which was issued a respective license in 2012, is Integral Petroleum, which is managed by an Armenian businessman.    

To note, the search for oil and natural gas in Armenia did not yield any results in the early 1990s.