Mozambique Natural Gas and Oil Revenues Reach $67.6 Million in 2025 Ahead of Sovereign Fund Rollout
Mozambique earned US$67.64 million from oil and natural gas exploitation up to September 2025, according to the Ministry of Finance.
Budget execution data for January to September 2025 shows that US$24.68 million came from the Mining Production Tax, while US$42.96 million was derived from the “profit oil” component—revenues from production exceeding the “cost oil” allocated to the Mozambican State.
Since 2022, total revenues earmarked for the country’s energy sector have reached US$232.33 million, with US$164.99 million accumulated from 2022 to 2024.
These funds are held in the Transitional Oil and Gas Revenue account at the Bank of Mozambique, which is already preparing to manage the Sovereign Fund of Mozambique (FSM), pending the signing of the management agreement with the Government, according to central bank governor Rogério Zandamela.
“Operational preparations for the management of the Sovereign Fund are complete, awaiting only the signing of the Management Agreement with the Ministry of Finance,” Zandamela said on November 5, highlighting its role as a priority among ongoing central bank reforms.
The Sovereign Fund of Mozambique, approved by Parliament on December 15, 2023, is designed to channel 40% of revenues from natural gas exploitation into a long-term investment vehicle.
Revenues from LNG production are projected to reach US$6 billion annually by the 2040s. The remaining 60% of gas and oil revenues will continue to finance the national budget.
Finance Minister Carla Loveira stated on October 29 that all instruments for the fund’s “full operationalisation” are in place, with the management agreement between the Public Treasury and the Bank of Mozambique in its final phase.
Once signed, this agreement will allow the Sovereign Fund to be fully capitalized and operational, in accordance with the Sovereign Fund Investment Policy.
As of October 23, 2025, the transitional account balance stood at approximately US$204.5 million, reflecting revenues collected under the new legislation.
Minister Loveira emphasized that the fund aims to ensure good governance, transparency, and accountability in managing resource revenues, preventing their volatile or unproductive use.
Mozambique hosts three major LNG development projects in the Rovuma Basin off Cabo Delgado, ranking among the largest globally:
TotalEnergies: 13 million tonnes per annum (mtpa), currently resuming after prior suspension due to regional security challenges.
ExxonMobil: 18 mtpa, awaiting a final investment decision on the Afungi Peninsula.
Eni (Area 4): Operating the Coral Sul floating unit since 2022, with the second unit, Coral Norte, expected to begin production in 2028.
These projects position Mozambique as a key player in global LNG markets, while the Sovereign Fund is set to safeguard long-term economic benefits from the country’s natural resources.
