Morocco signs oil concession with U.S. firm

The Moroccan state-owned Oil Exploitations Firm (ONAREP) concluded an oil concession with U.S. Skidmore Inc.

The concession entitles the American company to drill for oil in south-western Morocco and off the shores between the capital city of Rabat Tangiers in the north.

Under the agreement, signed earlier this month, the U.S firm will assess within 12 months the oil potentials of the drilled areas.

The investment is worth one million U.S Dollars to be paid by the American company.

This is the 10 concessions concluded by ONAREP and foreign firms since 1997.