“The shipments began in 2022, and we have 118 LNG [Liquefied Natural Gas] and 17 condensate shipments,” stated Monica Juvane, director of ENH, the Mozambican state oil company, during a seminar in Maputo.
The main purchaser of the gas is the British oil company BP, which signed a 20-year agreement in 2016 with the oil company Eni and the state energy company to buy future gas extracted in Mozambique.
“These are long-term gas contracts, and this was awarded to BP,” Monica Juvane explained, adding that the government aims to expand domestic gas distribution by 2028 through the installation of a gas piping system to households, to promote the country’s energy transition.
The profits of the Empresa Nacional de Hidrocarbonetos (ENH), Mozambique’s state oil company, were halved in 2024, totaling 1.737 billion meticals (23.4 million euros), according to official data reviewed in July.
This performance contrasts with a positive net income of 3.580 billion meticals (48.2 million euros) in 2023, which was a sevenfold increase in a year, justified by the administration as a “considerable increase in natural gas sales revenues.”
According to the financial statements as of December 31, 2024, besides the profit drop, ENH concluded the year with total assets rising to 28.706 billion meticals (386.9 million euros) and a slightly increased liability at 8.918 billion meticals (120.2 million euros).
ENH, with a share capital of 749 million meticals (10 million euros) wholly owned by the Mozambican state, operates under the Ministry of Natural Resources and Energy, primarily focusing on petroleum activity, including exploration, research, development, production, transportation, transmission, and commercialization of hydrocarbons and derivatives, including import and export.
Established in 1981, ENH participates in all stages of petroleum operations and activities of exploration, production, refining, transportation, storage, and commercialization of hydrocarbons and their derivatives, including Liquefied Natural Gas (LNG) and Gas to Liquids (GTL), both domestically and internationally.
Mozambique has three approved development projects to explore the natural gas reserves in the Rovuma basin, classified among the largest globally, off the coast of Cabo Delgado. In addition to the project operated by Eni, which is already in production, there are the Mozambique LNG (Area 1) operated by TotalEnergies, with a capacity of up to 43 million tons per annum (mtpa), and Rovuma LNG (Area 4) operated by ExxonMobil, with 18 mtpa, currently under development.
In 2024, a study by Deloitte highlighted that Mozambique’s gas reserves represent potential revenues of 100 billion dollars (96.2 billion euros), underscoring the country’s international importance in the energy transition.
This year, without the remaining operations yet operational, Mozambique’s estimated gas production is 5.4 billion cubic meters, making it the sixth-largest producer in Africa.
