Showing posts with label oil drilling. Show all posts
Showing posts with label oil drilling. Show all posts

Thursday, April 4, 2013

Russian Giant invests in Morocco Oil Resources

The oil curse is it the fear in Morocco? But we fear the worst in the country so far spared by the Arab revolutions, while already the U.S. oil giant Chevron has signed an agreement with the Moroccan authorities to conduct exploration work on three sites off its coasts. This is enough to create tension between the Kingdom of Morocco, Portugal and Spain, the Moroccan government has recently announced the establishment of a provisional commission for the delimitation of the continental shelf on the Atlantic shore. Now, it is the Russian Abramovich who invests in the kingdom. Thus, the Russian billionaire Roman Abramovich and Circle Oil Plc, Irish Oil Company, just lay the groundwork for an agreement to invest more than $ 20 million for operating a first site in the Basin Gharb.

 Circle Oil says elsewhere on the internet, that the deposit "has been tested with success." Five additional drilling should be carried out by the company, which has two exploration licenses in the area. Recall that Abramovich made his fortune in the oil industry in 2005. He turned back to the oil sector in investing in Latin America and Africa. Since 2011, Morocco has witnessed the signing of new oil contracts for offshore areas like Foum Assaka, Cape Boujdour, Mazagan, Essaouira and Maritime Juby and the onshore area Doukkala. In addition, there are five agreements on recognition of Anzarane offshore areas of Tarhazoute and onshore areas Boudnib and highlands.

The Kingdom of Morocco said today make up the delay through "improved drilling techniques that now allow easier access to deep-water deposits." In order to encourage investors, the Moroccan government has implemented tax measures to encourage exploration while amending the law on hydrocarbons. Thus, the government offers newcomers an exemption from corporate tax for a period of ten consecutive years and rates of royalty on oil and gas not exceeding 10 and 5% respectively.