Oil and gas exploration projects generated $50.49 million for the Mozambican state in the first half of the year, bringing the total to $303.31 million since commercial production began in 2022.
According to budget implementation figures for January to June, seen on Thursday by Lusa, the half-year total comprises $31.98 million (€27.2 million) from the State’s Oil Profit component, which constituted the main source (63.34%) of these revenues, generated solely by the Coral Sul LNG project in Area 4 of the Rovuma Basin.
The Oil Production Tax contributed the remaining 36.66% in this period, totalling $18.51 million (€15.8 million).
The document also notes that no Corporate Income Tax (IRPC) was levied on the LNG project during the half-year, “in line with the current investment amortisation phase and the tax provisions applicable to the project”.
Overall, the revenue collected between January and June represents 65.77% of the projected annual revenue for 2026, estimated at $76.77 million (€65.3 million).
The figures also point to an acceleration in revenue over the half-year, following a low of $5.18 million (€4.4 million) in February. Revenue rose successively to $6.67 million (€5.7 million) in March, $7.94 million (€6.8 million) in April, $10.33 million (€8.8 million) in May and $13.08 million (€11.1 million) in June, the highest monthly figure for the period.
According to the report, average monthly revenue rose from $6.38 million (€5.4 million) in the first quarter to $10.45 million (€8.9 million) in the second quarter, representing growth of 63.75%.
Over the same period, cumulative transfers to the Single Account of the Mozambican Sovereign Wealth Fund totalled $10.59 million (€9 million), in accordance with the legal mechanism for the distribution of revenue.
Throughout 2025, oil and gas exploration had already yielded $88.13 million (€75 million) for the Mozambican state, bringing the total to $252.82 million (€215.2 million) since 2022.
In December 2023, the Mozambican parliament approved the creation of the Mozambique Sovereign Wealth Fund, to be funded by revenues from natural gas extraction, which are expected to reach around $6 billion (€5.11 billion) per year in the 2040s.
The legislation provides for 40% of tax revenues and capital gains from oil and gas exploration to be allocated to the Sovereign Wealth Fund, with the remaining 60% going towards financing the State Budget.
Mozambique has three approved mega-development projects for the exploitation of liquefied natural gas (LNG) reserves in the Rovuma Basin – ranked amongst the largest in the world – off the coast of Cabo Delgado in the north of the country.
Eni’s Coral Sul project is the only one in operation, having been so since 2022, with approval last October for investment in a second floating extraction platform, Coral Norte – a $7.2 billion (€6.2 billion) investment which, from 2028, will enable production to double to 7 million tonnes per annum (mtpa) of LNG, whilst a third unit is currently under consideration.
After a four-year suspension due to terrorist attacks in Cabo Delgado, the $20 billion (€17.4 billion) Mozambique LNG (Area 1) project, operated by TotalEnergies, officially resumed in January and is projected to reach up to 13 mtpa from 2029, followed by the $30 billion (€26.1 billion) Rovuma LNG project (Area 4), operated by ExxonMobil, with 18 mtpa planned from 2030 onwards, and for which a final investment decision is expected in September.
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