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Right now, one of the busiest spots on the oil map of the world is Club Tropicana. Owned by a genial 45-year-old named Aguinaldo Salvaterra, the Tropicana is tucked behind the grand pink and blue Portuguese town houses that line the seafront of São Tomé. It's a little poky, but the beer is cold and, crucially in a town that rises late, enjoys a siesta and retires at dusk, Salvaterra rarely leaves his stool, which means the Tropicana is the one place in São Tomé that's nearly always open. Lately...

Author: /time Magazine | Title: Africa's Oil Dreams | 5/31/2007 | See Source »

Seismic tests have suggested that São Tomé and Principe, two tropical rocks off the coast of West Africa with a population of 199,000, might be sitting on billions of barrels of oil. For the last few years, the islands have been buzzing with the hope that it will make millionaires of them all and transform a nation where the average annual income is $390. "This is a very poor country," says Luis Alberto Praxeres, executive director of São Tomé's National Petrol Agency. "Oil could solve all our problems...

Author: /time Magazine | Title: Africa's Oil Dreams | 5/31/2007 | See Source »

...hasn't done so yet. In January this year, Chevron said it had not found enough oil to make a well economically viable at the first of its two drill sites off São Tomé. Exxon Mobil, too, has said that it will not, for now, be pursuing exploration off the island, though it retains its drilling rights there. Praxeres, however, still dreams his dreams, and his little country continues to attract a stream of oil-fevered visitors from overseas: this year alone, officials have arrived from the U.S., the U.K., Germany and Japan. But even...

Author: /time Magazine | Title: Africa's Oil Dreams | 5/31/2007 | See Source »

...parties and opposition BJP nationalists have opposed the deal, citing concerns over national security, technological self-sufficiency and sovereignty. And their claim that the deal could have a negative impact on India's independent foreign policy were boosted earlier this month when U.S. lawmakers led by California Democratic congressman Tom Lantos wrote to Prime Minister Manhmohan Singh warning that India's close relations with Iran could negatively impact the future of the deal...

Author: /time Magazine | Title: What's Holding Up a U.S.-India Nuclear Deal? | 5/29/2007 | See Source »

...Activities like Ewok landscaping, LEGO building and droid races filled out the geek slate. Tom Jozwiak, 46, an engineer from Chicago, brought the R2-D2 he has been building for three years to race. "It's a hobby, a very time-consuming one," Jozwiak admits, in what is a frequent refrain among a culture of diehards with day jobs. The crowd was about 70% male, even more so in the droid builders group. But Nikki Miyamoto, a costume designer from L.A., brought the R2 she's been working on for two years, with brushed copper plates...

Author: /time Magazine | Title: The World's Biggest Star Wars Party | 5/25/2007 | See Source »

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