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...just the fortunes of one war-torn country are at stake. Researchers believe that Iraq's untapped oil reserves total at least 115 billion barrels - the third largest in the world. When fully developed, Iraq's oil industry could significantly boost global crude supplies and even bring down oil prices. Tapping Iraq's oil is an industry event of historic proportions, says Alex Munton, a Middle East analyst at global energy consultancy Wood Mackenzie. "There are very few examples in history you can point to and say, 'A similar thing happened there,' because there really have not been...
...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...
...since his election in April, President Zuma has surprised. Seven months is not long enough to fix South Africa's problems - and Zuma hasn't. Violent crime, a yawning inequality which juxtaposes black millionaires with millions scraping by on less than $2 a day and the world's largest HIV/AIDS population continue to drag on the country. But whereas Mbeki stoked a national mood of frustration by denying such crises existed, Zuma concedes they are real and even accepts blame. "These challenges are based in reality," the 67-year-old told TIME in a rare interview. "And it's only...
...Hazen, head of acquisitions for Harvard College Library—the largest unit within the University’s decentralized library system—wrote in a report in June that over the past few years, “our efforts have been flagging already, to widespread consternation and alarm.” He wrote that those difficulties would be exacerbated this year by what he predicted to be a 15 percent drop in the acquisition budget...
...philosophical question has now revealed itself to be a question of science. When they speculated about the consequences the Large Hadron Collider would have for human civilization, physicists probably didn’t expect to answer the question of free will as well. Whether the world’s largest particle collider will ever succeed in creating a Higgs boson effect, it has already made a hefty contribution to the field of philosophy...