Africa-Press – Mozambique. The profits of state oil company Companhia Moçambicana de Hidrocarbonetos (CMH) increased by 75% in the year ended in June, compared to the same period in 2022, to US$64.8 million, according to data from the company.
In financial statements for the period from July 1, 2022 to June 30, 2023, to which Lusa has had access, CMH management recognizes a “substantial increase” in profits, caused by the “increase in oil prices” and “judicious and results-oriented management”.
Furthermore, the chairman of the board of directors, Arsénio Mabote, justifies the growth in profits, taking into account the US$37.2 million (€34.7 million) in the 2021-2022 financial year, with the “slight increase in production” in the country with the new gas wells at Pande28, Pande29, Pande30 and Pande31, as well as the “lower than budget assumptions” operation costs.
“However, we still have challenges regarding the availability of proven reserves to guarantee the supply of gas within the scope of the signed contracts. During this financial year we invested in some additional boreholes in Pande, which reached commissioning in December, 2022, and we continue to invest in other additional boreholes in the Pande and Temame fields,” Mabote said.
CMH develops the operational activity of oil production and is controlled by the state-owned Empresa Nacional de Hidrocarbonetos, which holds 70% of its share capital and was appointed by the Mozambican government to, together with the South African Sasol Petroleum Temane (SPT), develop and produce gas resources from Pande and Temane reservoirs for a period of 30 years, under the Petroleum Production Agreement (PPA) signed in October, 2000.
CMH is also part of the Joint Operations Agreements signed with Sasol Petroleum Temane (SPT) in December, 2002, covering the reservoirs in the Pande and Temame fields, given that the company only produces and sells gas and operates in an integrated manner.
CMH closed the financial year ended June 30th with total assets that grew to US$382.5 million (€356.9 million), against liabilities that fell in the same period to US$120.5 million (€112.4 million).
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