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Dates: during 2000-2009
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...shared legacy of Mahatma Gandhi and Martin Luther King. The natural alliance between the two nations seems as fitting as the fusion cuisine of chickpeas and okra, naan and cornbread, munched on by the guests. And it won't need scripted summits to grow. More than 3 million people of Indian origin live in the U.S.; Indians comprise the biggest pool of foreign students in American universities, and wealthy Indian professionals are creating an increasingly effective India lobby in Washington. These, not the fluid world of geopolitics, are the ties that truly bind...

Author: /time Magazine | Title: Ties That Bind | 12/7/2009 | See Source »

...spring of 2003, more than a million people marched through the streets of cities across Europe and the U.S. to rail against U.S. plans to invade Iraq and oust Saddam Hussein. Amid the chants for peace was an angry accusation: the war was merely a grab by Western companies for Iraq's vast oil reserves...

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

...their demands, oil companies now are agreeing to Iraq's $2-a-barrel offer. In mid-November, Italian oil executives from ENI flew to Baghdad to sign a deal on Zubair, a southern Iraq field with about 4.1 billion barrels of reserves. ENI plans to pump 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...

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

...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 barrels a day to about 2.8 million barrels a day in just seven years. "We see this as the beginning of a long-term relationship," BP's chief executive Tony Hayward said in a statement...

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

...either, due to daunting technical and other challenges. Iraq's oil industry has limped along for years on creaking old equipment, patchwork pipeline networks and decayed, rusted port facilities; Saddam-era sanctions largely prevented the industry from upgrading to state-of-the-art equipment. The country produces just 2.5 million barrels a day, down from 2.8 million barrels before the U.S. invasion and a sharp drop from its high of 3.7 million barrels in 1979, when Saddam boosted production to finance his calamitous war with neighboring Iran. A government adviser recently told Britain's Independent newspaper that only about...

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

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