Maputo, July 29, 2026 (Lusa) - Profits at Empresa Nacional de Hidrocarbonetos (ENH), Mozambique's state-owned oil company, rose by 18% in 2025 to 2.047 billion meticais (€27.7 million), driven by dividends from its subsidiaries and increased gas revenues.
According to the company's financial statements, seen today by Lusa, ENH recorded a net profit that reversed the decline seen in 2024, when it posted a profit of 1.738 billion meticais (€23.4 million).
However, in 2025, the company's operating performance still had room for improvement, with a net operating loss of 1.046 billion meticais (€14.2 million), an increase from the 873 million meticais (€11.8 million) loss recorded in the previous financial year.
Last year's profit was underpinned by financial income, which rose to 3.295 billion meticais (€44.6 million), compared with 2.883 billion meticais (€39 million) in 2024.
According to the report, the «gains on equity investments relate to dividends received» in 2025 from the subsidiaries ENH-Kogas, Companhia Moçambicana de Hidrocarbonetos (CMH), Companhia Moçambicana de Gasoduto, and gains resulting from the disposal of ENH's stake in the Mazenga Block.
CMH alone contributed 1.717 billion meticais (€23.2 million) to these gains, followed by the Mozambican Gas Pipeline Company (CMG) with 518 million meticais (€7 million) and ENH-Kogas with 360 million meticais (€4.8 million).
ENH's revenue also continued to grow, with sales and services provided rising to 1.913 billion meticais (€25.8 million), compared with 1.768 billion meticais (€23.9 million) in 2024.
The company explains that «the change is due to increased gas consumption by major customers», referring to the sale of gas belonging to the Mozambican state as part of the production tax paid by Sasol.
ENH's total assets amounted to 28.314 billion meticais (€382 million) at the end of 2025, whilst liabilities fell to 9.014 billion meticais (€121.7 million).
In 2025, ENH acquired an additional 70% stake in ENH-Kogas, thereby becoming the sole shareholder of the subsidiary.
The company has a share capital of 749 million meticais (€10 million), wholly owned by the Mozambican state, and operates under the supervision of the Ministry of Mineral Resources and Energy. Established in 1981, it is involved in all the country's oil and gas operations and holds stakes in 11 hydrocarbon exploration, development and production concessions.
ENH holds stakes in the main projects in the Rovuma Basin, including a 15% stake in Area 1, led by TotalEnergies, and a 10% stake in Area 4, led by ExxonMobil, as well as interests in production projects at the Pande and Temane fields and in various exploration areas.
Mozambique has three approved mega-development projects for the exploitation of the Rovuma Basin's Liquefied Natural Gas (LNG) reserves, ranked among the largest in the world, off the coast of Cabo Delgado in the north of the country.
Eni's Coral Sul project is the only one in operation, having been so since 2022. The project received approval in October to invest in a second floating production platform, Coral Norte – a $7.2 billion (€6.2 billion) investment that, from 2028, will enable production to double to 7 million tonnes per annum of LNG, whilst a third unit is currently under consideration.
After a four-year hiatus due to security challenges in Cabo Delgado, the $20 billion (€17.4 billion) Mozambique LNG (Area 1) project, operated by TotalEnergies, officially resumed in January and is projected to reach up to 13 million metric tonnes per year from 2029, followed by the $30 billion (€26.1 billion) Rovuma LNG project (Area 4), operated by ExxonMobil, with 18 mtpa planned after 2030, and for which a final investment decision is expected in September.
PVJ/ADB // ADB.
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