Now Reading
ENH Oil Company’s Profits Rised to 3.5B Meticals in 2023

ENH Oil Company’s Profits Rised to 3.5B Meticals in 2023

The profits of state oil company Empresa Nacional de Hidrocarbonetos (ENH) totalled 3.5 billion meticals in 2023, a substantial increase on the 461.9 million meticals recorded in 2022.

According to the 2023 report and accounts, released by the institution, the positive performance was influenced by the considerable increase in revenues from natural gas sales and the containment of operating costs, a measure adopted with a view to reducing expenses and optimising short and medium-term financial investments.

The document warns that the liquidity ratio increased during the period in question, despite a slight deterioration in the company’s solvency and debt ratios.

“The liquefied gas research and development projects in the Rovuma basin continue to have a negative impact on the accounts, given the delays in their implementation. The interest rates being charged by the partners for ENH’s stake in these projects are high and contribute to the growing indebtedness,” he says.

He also adds that actions are underway “with a view to refinancing ENH’s stake in these projects, as well as isolating their accounts, but these have not been successful in the face of rising interest rates on the international market”.

Meanwhile, in 2023, “the oil company continued to prioritise the fulfilment of its obligations to the state, having paid dividends of 877.6 million meticals, of which 300 million meticals related to the 2023 financial year and the rest were from the period 2015 to 2017. The organisation paid the state a total of 613 million meticals in IRPC”.

ENH operates under the Ministry of Natural Resources and Energy (MIREME), and is dedicated to prospecting, research, development, production, transport, transmission and commercialisation of hydrocarbons and their derivatives, including import and export.

The company’s share capital has more than 220 employees and amounts to 749 million meticals.

See Also

Created in 1981, ENH is involved in all oil operations and the respective phases of exploration, exploitation, production, refining, transport, storage and commercialisation of hydrocarbons and their derivatives, including liquefied natural gas (LNG) and gas-to-liquids (GTL), both inside and outside the country.

SUBSCRIBE TO GET OUR NEWSLETTERS:

Scroll To Top

We have detected that you are using AdBlock Plus or other adblocking software which is causing you to not be able to view 360 Mozambique in its entirety.

Please add www.360mozambique.com to your adblocker’s whitelist or disable it by refreshing afterwards so you can view the site.