Libya conducted negotiations with U.S. energy firms which are eager to return to the country since it was under U.S. sanctions.
Oil Minister of Libya Fathi Omar Bin Shatwan said existing oil reserves constitute 36 billion barrels of oil, but 70 percent of Libya's potential had not been discovered, that?s why experts estimate the real Libyan oil reserves at more than 100 billion barrels.
Libya is seeking to revive its energy industry after years of sanctions, particularly since U.S. firms abandoned oil assets in the country in the 1980s.
U.S. officials have said many U.S. economic sanctions could be lifted as early as this week, but didn?t itemize the date.
By the way, Libya also called on other international players to invest in the under-explored oil-rich country.
