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...government may have been right all along. After months of sticking to 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...

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 »

...doors down from former Prime Minister Taro Aso's office in the House of Representatives Building No. 1 in Tokyo, freshman Japanese lawmaker Eriko Fukuda, her hair characteristically tucked behind her right ear, sighs that her male secretaries don't know how to care for flowers. Fukuda is settling in as the upcoming session of the Diet, Japan's parliament, approaches. Her office is filled with bouquets and orchids sent by well-wishers, adding a splash of color to the building's dreary halls - as does Fukuda herself. At age 29, she is the country's youngest member...

Author: /time Magazine | Title: Power to Japan's 'Princesses' | 12/7/2009 | See Source »

...This miniature women's movement is a small step toward equality in a society still steeped in conservative, patriarchal values. Japan's government for decades has been dominated by older men, most hailing from the right schools and the right families, who staked out politics as their exclusive domain. In 1997, a former Health Minister offered a glimpse of prevailing attitudes in Tokyo's men's club when he referred to women as "babymaking machines." Still relatively few in number and junior in status, women are unlikely to have much of an immediate impact on the Diet. But their influx...

Author: /time Magazine | Title: Power to Japan's 'Princesses' | 12/7/2009 | See Source »

...focus as a lawmaker includes increasing access to Japan's health care system, including streamlining the drug-approval process so that life-saving medications can become available more quickly. "We need good social systems so people don't lose hope," she says. "There's so much uncertainty in society right now, so many suicides, so much worry and despair." This emphasis on issues of social justice leads some observers to hope that Ozawa's princesses can make a difference. By running for office, "These women weren't just looking for jobs," says Machiko Osawa, an economics professor at Japan Women...

Author: /time Magazine | Title: Power to Japan's 'Princesses' | 12/7/2009 | See Source »

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