Or, in other words, why is Morocco the modern oil and gas investor’s paradise?
Morocco’s current hydrocarbon exploration developments, and immense oil and gas potential, reveal a lot of available and future business opportunities.Morocco has moved fast and smart; they have quickly recognised the potential they possess and took initiative by proceeding to update its fiscal and investment environment. This bold move had a huge impact on its investment attractability- Morocco instantly managed to create an attractive and hospitable framework for Operators and service providers looking for a new venture and to reward existing ones with better terms.
So what does that mean in a nutshell?
Morocco has evolved its laws to accommodate its high exploration and investment potential, by including several advantageous terms in its Hydrocarbons Code, such as:
An exception from the national corporate income tax when IOCs start commercial production for 10 years
A maximum of 10% on onshore and offshore royalties on oil production and of 5% on gas in waters shallower than 200 metres
A favourable 25% state participation within contract terms through Morocco’s Office National des Hydrocarbures et des Mines (ONHYM)
All equipment, materials, products and services required for the activity are exempted from custom duties and VAT
Tax exemption on export of profits and dividends of concession holders
The success of this system is made evident by the recent consecutive upstream activities and discoveries of several medium-sized companies, including SDX Energy, which will be discussing its activities, experience and opportunities this February, at the 2nd Morocco Oil & Gas Summit.
The effectiveness and profitability of Morocco’s fiscal environment is further enhanced by ONHYM, Morocco’s National Hydrocarbon and Mines gency. ONHYM examines all interested companies and applications quickly and thoroughly, ensuring that all approved applicants will be ready to start their upstream activities very quickly and in a timely manner.
Morocco is ready to welcome more Operators and service partners and awaits new discoveries.
You can find more about these opportunities first-hand, and generate your own momentum, by registering and hearing about these opportunities first-hand by Mrs Amina Benkhadra, General Director of ONHYM, on the 2nd Morocco Oil & Gas Summit, taking place in 6th-7th of February 2019 in Marrakech, Morocco.
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