Armenian Gas and Power Enterprises Inc.
Armenian Gas and Power Enterprises Incorporated (AGAPE) is a privately-held company, headquartered in Montreal, Canada. Its long-term objective is to build a diversified portfolio focused on the acquisition, exploration and development of energy and other resource-related assets in Armenia and neighbouring countries.
Its primary assets in Armenia are oil and gas concessions in which the company was able to choose what it believes to be the best prospective areas from a gross license area covering almost half the country, and which provide the opportunity to explore for hydrocarbons in one of the world’s last remaining under-explored onshore basins. The company benefits from an experienced team of earth–scientists and operators based locally, working collaboratively with senior management in Canada, linking AGAPE into productive partnerships and access to capital globally. Canada offers the unique platform to build and develop these initiatives including its standing as the 4th largest equity market by float capitalization in the MSCI world Index. Canada benefits from the world’s soundest banking system, sits amongst the top ten in the global opportunity index and continues to host the number one spot in the world for publicly traded oil, gas and mineral exploration and development companies. All of these attributes provide the platform for AGAPE’s current prospects and continued future success.
Armenia's hydrocarbon potential is said to have been overlooked, even though it is a neighbour to Iran, Georgia, Azerbaijan, and Turkey – countries that collectively produce billions of barrels of oil and trillions of cubic feet of gas and sits within the area considered one of the birthplaces of the oil industry. Armenia currently imports almost all of its hydrocarbons from Russia and Iran via gas pipeline, leaving a ready open market for any indigenous sources.
Since the collapse of the Soviet Union, the Caspian Sea and south Caucasus have become the focus of considerable international attention, primarily because the area is one of the oldest and richest oil and gas producing areas in the world. Armenia’s present policy has been stated as “to bring about the rapid evaluation and development of the country’s hydrocarbon potential and the efficient and timely development thereof, if commercial quantities of hydrocarbons can be discovered". It is within the spirit of this aspiration that the team at Armenian Gas and Power Enterprises is pushing forward to unlock the potentially vast reserves of Armenia.