Morocco signs $1.1 million deal with U.S. Vanco company

Morocco signed Wednesday in Rabat a $1.1 million deal with U.S. Energy Company "Vanco" for oil prospecting in the Moroccan Atlantic waters.

Under the 18-month contact, the U.S. company will carry out deepwater reconnaissance drilling over a 18,700 square km offshore zone and conduct seismic and geo-physic studies.The contract also provides for the scientific training of Moroccan engineers in oil exploration techniques and know-how.

It is the ninth prospecting contract Morocco passed with foreign companies which invested nearly $10 million.