Morocco offers an attractive business climate and numerous incentives to investors in the oil and gas prospection, said Forbes. The US magazine described Morocco as a “North African economic powerhouse” that has a promising oil and gas industry. It also pointed out to the absence of corporation tax for the first 10 years of production. “Morocco is ranked fifth in the world for oil shale reserves with deposits in Tarfaya and Tangier, and our continental shelf is also being assessed for shale gas,” energy minister Aziz Rabbah was quoted by the magazine as saying. By 2030, Morocco expects to invest $40 billion in the energy sector mainly in oil and gas as 13 largely independent exploration and production companies operate in the country covering a total exploration area of 127,000 square kilometers.

Source: The North Africa Journal February 20, 2019 09:45 UTC