Iran Plans to Turn Qeshm Island into Energy Hub

07 July 2014 | 17:01 Code : 1935436 Latest Headlines

TEHRAN (FNA)- The National Iranian Oil Company (NIOC) is resolved to develop the oil and gas fields of Qeshm Island in Southern Iran to turn the island into an energy hub in 10 years, an oil official informed.

Mohammad Hossein Daneshfar, a senior official at the Iranian Offshore Oil Company (IOOC), said that in addition to Hengam field which is currently the only field producing light oil in this region, Hormuz, Taftan and Tosan fields can also be developed, the oil ministry's website reported.

He further added that the island is expected to produce over 12,000 megawatts of electricity if enough financing is provided given the vast reserves of natural gas around the island. The electricity would meet the energy need of power plants in the region for the next 30 years.

Daneshfar underlined Qeshm Island’s geo-energy position in the Persian Gulf region, and said that Iran will be able to export electricity to the neighboring countries, instead of gas in near future.

With 4 billion barrels of in-place oil reserves and 10 trillion cubic feet of natural gas reserves, Qeshm Island, the biggest island in the Persian Gulf, could turn into a new hub.