Back from the wilds of Asia. Just in time to witness one of the most critical new field start-ups the global oil sector has seen in years. That’s the South Pars offshore field on the Iran-Qatar border. Which was officially commissioned this week, according to reports from Iran’s oil ministry yesterday. What makes this project so important? Size — with the South Pars field holding more than 14 billion barrels, according to estimates from local engineers. The beginnings for the field will be relatively modest. With Iranian officials saying that production has initially commenced from seven wells, with output to rise to 35,000 barrels per day over the coming week. But given the massive estimates on the size of the South Pars reserves, this is a spot that could see production ramp up very significantly. With a number of other facts about this mega-project showing just how far Iran […]