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

As Armenian News-NEWS.am informed earlier, in April, the company obtained a standard five-year license to conduct respective searching.

The license was for the first and the third conditional sectors and partially for the fifth and the sixth sectors.  

Informed sources told Armenian News-NEWS.am that the Armoil proprietors are Russian-Armenian businessmen. But they have never had any connections with large geological research companies.     

The company will share the fifth and the sixth sectors with Blackstairs Energy Armenia, which is a subsidiary of Blackstairs Energy PLC of Ireland.

Twenty-five percent each of the sectors were transferred to Armoil after when the aforesaid Irish company, which was conducting operations in Armenia ever since 2007, had declined from this portion. 

The abovementioned sectors are located in Armenia’s Vayots Dzor and Syunik Regions.