The transitional account of the Sovereign Fund (SWF) received around 7.2 billion meticals (114 million dollars) this year from revenues from natural gas exploration in the country. This sum is the result of two collection periods: 4.7 billion meticals (74.1 million dollars) from revenues collected in 2023 and 2.5 billion meticals (39.8 million dollars) from the first half of this year.
According to the newspaper Noticias, under the terms of the law creating the SWF, the transitory account, housed at the Bank of Mozambique, is part of a mechanism designed to accumulate reserves from the exploitation of natural resources, especially gas.
The revenues transferred include taxes on oil production, corporate income tax, capital gains, production bonuses and production sharing.
So far, exports of Liquefied Natural Gas (LNG) from the Rovuma basin in Cabo Delgado have totalled 71 shipments, corresponding to 5.7 million tonnes.
Since exports began in November 2022, the market has reacted positively, demonstrating Mozambique as a viable alternative for diversifying the global supply of natural gas, as stated by the Minister of Mineral Resources and Energy, Carlos Zacarias.
Projections indicate that natural gas exports could reach 5.8 billion meticals over the life cycle of the projects underway, with annual revenues for the Mozambican state that could peak at 379.5 billion meticals in the 2040s.
The Sovereign Fund is part of a wider effort to ensure prudent and transparent management of the country’s natural wealth.
The law stipulates that the transitional revenue account be treated as part of the state’s internal revenue and that its funds be transferred exclusively to the Single Treasury Account and the Sovereign Fund Account.
Mozambique has proven gas reserves valued at 180 billion cubic metres, of which 172 billion cubic metres are in the Rovuma basin, and 134 billion cubic metres are considered recoverable resources, reinforcing the country’s position as an important player in the global energy sector.
