Oil and gas exploration has generated $303.31 million for the Mozambican state since commercial production began in 2022, according to budget execution data for the first half of 2026 cited by Lusa.
Between January and June this year alone, the state collected $50.41 million, exclusively through the Coral Sul project in Area 4 of the Rovuma Basin — currently the only liquefied natural gas (LNG) production project in operation in the country.
The primary source of revenue during the period was the State Profit Oil component, which generated $31.9 million, equivalent to 63.34% of total receipts. The Petroleum Production Tax contributed the remaining $18.51 million, representing 36.66% of revenues for the period.
The budget document notes that no Corporate Income Tax (IRPC) was collected during the first half of the year, a situation attributed to the current investment amortisation phase and the fiscal rules applicable to the Coral Sul project.
Revenues collected between January and June represent 65.7% of the annual forecast for 2026, set at $76.7 million. Collections accelerated steadily throughout the semester: following $5.18 million in February, receipts rose to $6.67 million in March, $7.9 million in April, $10.3 million in May, and $13.08 million in June — the highest monthly figure of the period.
Average monthly revenue increased from $6.3 million in the first quarter to $10.4 million in the second, a rise of 63.7%. Over the same period, cumulative transfers to the Single Account of the Mozambique Sovereign Wealth Fund reached $10.5 million, under the legal revenue-sharing mechanism governing proceeds from oil and gas extraction.
In 2025, the sector had generated $88.13 million for the state, bringing the cumulative total since 2022 to $252.82 million. Legislation establishing the Mozambique Sovereign Wealth Fund stipulates that 40% of revenues derived from taxes and capital gains on oil and gas production be channelled into the fund, with the remaining 60% allocated to finance the state budget.
Coral Sul, operated by Eni, is currently the only large-scale LNG project in production in the Rovuma Basin. The government has also approved the development of Coral Norte, valued at $7.2 billion, which is expected to enter production in 2028 and roughly double operational capacity to approximately seven million tonnes of LNG per year.
Mozambique’s broader LNG pipeline also includes the Mozambique LNG project, led by TotalEnergies, and Rovuma LNG, operated by ExxonMobil, both of which are expected to significantly expand production and state revenues in the coming years.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/?p=534360
