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...Trade embargoes and an air blockade that had sealed most Libyans from the outside world for decades were lifted. In late 2008 the U.S. confirmed its first ambassador to Tripoli since 1972. More than 100 oil companies, including U.S. majors like Chevron and ExxonMobil, and European giants such as BP and Royal Dutch Shell, arrived to tap Libya's vast oil reserves, betting that the country would become an energy powerhouse. Construction crews now bang and clatter across Tripoli, building apartment and office towers, Western hotels (InterContinental, Starwood and Marriott are all working on new hotels) and a new airport...

Author: /time Magazine | Title: Can Gaddafi's Son Reform Libya? | 4/5/2010 | See Source »

Furthermore, many top rated academic institutions, including Stanford, Princeton, and the Massachusetts Institute of Technology, have already made considerable commitments to green research and education. MIT’s Energy Initiative, for example, is financially backed by mega-corporations like BP, Siemens, and Lockheed Martin. The program boasts over 70 energy-related courses and interdisciplinary research groups of engineers, economists, management gurus, and policy experts. With BP and Ford’s blessing, the explicit mission of Princeton’s Carbon Mitigation Initiative is to “lead the way to a compelling and sustainable solution...

Author: By Hemi H. Gandhi | Title: Is Green Really the New Crimson? | 2/3/2010 | See Source »

...South Korea paraded on stage and dropped their bids into a sealed box, in a ceremony broadcast live on Iraqi television. It was meant to be grand theater, but proved a p.r. failure for Baghdad. Just one bid succeeded: it was submitted by a partnership between Britain's BP and China National Petroleum Corp. (CNPC) for production rights to southern Iraq's giant Rumaila field. Other companies abandoned the process after Iraqi officials refused to pay more than $2 for each barrel produced above a certain threshold. (Instead of leasing the fields to operators and receiving royalties for every barrel...

Author: /time Magazine | Title: Pump It Up: The Development of Iraq's Oil Reserves | 12/7/2009 | See Source »

...about 1.1 million barrels a day from Zubair in partnership with California-based Occidental Petroleum and South Korea's Kogas. ENI was quickly followed by ExxonMobil and Royal Dutch Shell, which agreed to produce about 2.3 million barrels a day in another giant field called West Qurna. Combined with BP-CNPC's anticipated output from Rumaila, "those three fields alone would be about 6% of total oil production in the world" when output targets are reached, says Munton, the Wood Mackenzie analyst. (See pictures of the Exxon Valdez disaster...

Author: /time Magazine | Title: Pump It Up: The Development of Iraq's Oil Reserves | 12/7/2009 | See Source »

...catalyst for the flurry of agreements appears to be the BP-CNPC deal, Iraq's first international oil contract in nearly four decades. The British and Chinese companies won the right to drill for 20 years in what is believed to be one of the world's four largest fields with potential reserves of about 65 billion barrels. Though it will earn only $2 a barrel, BP says it aims to keep expenses down by using low-cost Chinese labor and equipment. The group promised Iraq's government that it will nearly triple the field's output from 1 million...

Author: /time Magazine | Title: Pump It Up: The Development of Iraq's Oil Reserves | 12/7/2009 | See Source »

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