New oil fields to make Iran's Qeshm Island an energy hub

Iran Materials 23 May 2012 12:26 (UTC +04:00)

Azerbaijan, Baku, May 22/Trend M. Moezzi

Two oil fields with reserves of more than 500 million barrels will help make Iran's Qeshm Island an energy hub in the Persian Gulf.

The Offshore Oil Company's (IOOC) managing director Mahmoud Zirakchianzadeh said the two fields' reserves will yield 130 million barrels of oil, Mehr news agency reports.

Iran's Oil Ministry signed contracts for the development of the Alpha and Tosan fields with the Khatam al-Owsia headquarters on Monday.

The first development phase will produce 15,000 barrels a day which will double in the second phase. Three dimensional seismic operations at Alpha and Tosan will soon be finished.

Iran's Oil Ministry plans to develop the Hormozgan Province and its Persian Gulf Qeshm Island, into the region's energy hub.