Armenia Sets Off Down the Shale Path

Armenia has joined the increasing number of European countries seeking to develop shale hydrocarbon resources.

Isle of Man registered International Minerals and Mines has signed a memorandum of understanding with the Armenian government to "explore and develop shale fuel reserves" in the country.

Armenia's Energy Minister Armen Movsisian and Stephan Fitch, director of International Minerals and Mining Limited, signed the agreement in a ceremony held in the presence of Prime Minister Tigran Sarkisian.

The development came two months after Armenia and U.S signed a memorandum of understanding which envisages a “cooperative assessment and technical studies of Armenia’s energy resources, including any potential shale gas resources, to be jointly undertaken by Armenian Ministry of Energy and Natural Resources and the U.S. Geological Survey.

Related Reading: US to Aid Armenia Shale Search