Maputo, May 18, 2026 (Lusa) - Oil and gas exploration generated $19.14 million (€16.3 million) for Mozambique’s state in the 2026 Q1, bringing total revenues since 2022 to $271.96 million (€231.5 million), according to official figures.
According to the January-to-March budget execution report, Lusa accessed on Monday, the three-month revenue comprised $6.94 million (€5.9 million) from the Petroleum Production Tax and $12.2 million (€10.4 million) from the 'Profit Oil' component allocated to the state.
"This trend confirms that the project’s fiscal structure remains heavily dependent on the evolution of the cost recovery mechanism, which directly influences the volume of oil profit available for sharing with the state," the report said.
Overall, this represents 24.94% of the sector’s projected total annual revenue, estimated at $76.77 million.
By the end of 2025, oil and gas exploration had generated $88.13 million (€75 million) for the state, bringing the total to $252.82 million (€215.2 million) since 2022, according to official figures.
On 15 December 2023, the parliament approved the creation of the Mozambique Sovereign Wealth Fund, funded by revenues from natural gas exploration, which are expected to reach $6 billion (€5.129 billion) annually by the 2040s.
The fund was established in April 2024 and, since then, changes to the legal framework have provided for allocating 40% of tax revenues and capital gains from gas and oil exploration, with the remaining 60% going towards financing the state budget.
Mozambique has three approved mega-development projects for the exploitation of Liquefied Natural Gas reserves in the Rovuma Basin, off the coast of Cabo Delgado, which is ranked among the world's largest.
One of these projects is by TotalEnergies and the other by ExxonMobil (18 million tonnes per annum), worth $30 billion (€26.1 billion), and both are awaiting a final investment decision, both in Afungi.
In addition, Italy’s Eni project, which has been producing around seven mtpa since 2022 from the Coral South floating platform, will be doubled from 2028 with the Coral North platform, representing an investment of $7.2 billion (€6.2 billion).
PVJ/MYAL // ADB.
Lusa
