"There are important energy opportunities there in Libya," Pompeo noted.
Pompeo also stated that the conference in Berlin was an important step to a ceasefire agreement in Libya.
"One of the things I did mention is that we hope that the closure that had taken place - the closure of some of the crude oil getting out - we hope that will be opened up as a result of this conversation as well. We’re committed to a political resolution, as we have been for a long time, and we’re implementing United States’ efforts, diplomatic efforts to achieving that outcome," he added.
Oil reserves in Libya are the largest in Africa and among the ten largest globally with 46.4 billion barrels (7.38×109 m3) as of 2010. Oil production was 1.65 million barrels per day (262×103 m3/d) as of 2010, giving Libya 77 years of reserves at current production rates if no new reserves were to be found. Libya is considered a highly attractive oil area due to its low cost of oil production (as low as $1 per barrel at some fields in 2002), low sulfur content, being classified as sweet crude" and in its proximity to European markets. Libya's challenge is maintaining production at mature fields, while finding and developing new oil fields. Most of Libya remains under-explored as a result of past sanctions and disagreements with foreign oil companies.
Libya’s output has plunged by about 800,000 barrels a day from 1.174 million since an eastern military commander, Khalifa Haftar, blocked exports at ports under his control. (ILKHA)