Azerbaijan, Baku, Jan. 9 / Trend F.Mehdi/
The Iranian Oil Ministry has put in a request to the administration for acquiring the proprietorship of four islands, located in the Persian Gulf, aiming to launch oil and gas hubs in the region, the Mehr News agency reported.
The four islands - Faror 1, Faror 2, Hendorabi, and Farsi - are all non-residential and lack any building, road, water, and power facilities, an informed source in the Oil Ministry stated.
Faror 1, Faror 2 Islands are estimated to hold 30.5 trillion cubic feet of natural gas and are projected to yield about 15 million cubic feet of natural gas per day. The produced gas will be used to generate up to 6,000 megawatts of electricity.
The Farsi Island holds around 5.8 billion cubic meters of natural gas and 212 million barrels of condensates. The Farzad A and the Farzad B fields are located on the Farsi Island.
Some 1.1 billion cubic feet of natural gas is projected to be produced per day from the fields.
The Iranian Oil Ministry has announced that natural gas fields will be probably discovered on the Hendorabi Island. Seismic studies indicate that the Island holds about 66 trillion cubic feet of natural gas.
Iranian Oil Minister Rostam Qasemi said that the development plans worth $400 billion will be implemented to reform the domestic oil industry.
"Once the development plans are completed, the country will earn $500 billion income annually from exporting oil, gas, and petrochemicals," he added.
According to the plan, the country's oil output should be increased to 5.5 million barrels per day from 4mbpd by March 2016.
He also said that output at the South Pars gas field will reach 750 million cubic meters by March 2016.