Rabat - The Chief of the North African country's mining and energy board said that Morocco has oil potential, mainly in deep water, but needs a lot of time and money to exploit it.
Morocco spends at least $1.0 billion a year to cover 97 percent of its energy needs. The cost of energy is a key obstacle for investment in the Kingdom.
A law passed in 1999 offered potential prospectors a 10-year tax break and limited the state's stake to 25 percent in new oil ventures.
PIN//Reuters
News ID 20314
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