Shale Gas Reserves Could Widen Armenia's Horizons

A memorandum of understanding between the Armenian Ministry of Energy and Natural Resources and the Isle of Man-registered International Minerals & Mines Ltd. is paving the way for the exploration of Armenia's shale reserves. Should large-scale commercial extraction proceed, Armenia's energy find could grant the landlocked Caucasus nation a measure of energy independence and, with it, newfound geopolitical freedom.

The Aug. 3 deal comes 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 plans "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 is the result of an international shale gas conference sponsored by the U.S. government, which has offered exploration grants to Armenia and other countries. ...