Mozambican oil and gas company CMH posts pre-tax profit of US$23.6 million

17 November 2009

Maputo, Mozambique, 17 Nov – Mozambican state oil and gas company, Companhia Moçambicana de Hidrocarbonetos (CMH) posted a pre-tax profit for the financial year ended 30 June, equivalent to US$23.6 million, according to the company’s annual report and accounts.

This figure is a fall of 18 percent against pre-tax profit posted in the previous financial year.

In the period, CMH paid out the equivalent of US$6.1 million in taxes, 89 percent of which were on the company’s income, 10 percent tax on workers’ incomes as well as social security contributions and others.

The annual report and accounts mentioned the world economic and financial crisis as having led to a drop in natural gas and condensate prices charged by the consortium that owns the Pande and Temane natural gas facility.

“The fall in price of the gas had a significant effect on the company’s operations,” the document said.

The company also said it had made investments, using its own funds, of around US$23 million in the Pande and Temane gas fields, in drilling new wells and linking the two gas fields with pipelines, which had made it possible for, first of all, Pande gas to reach the processing factory in May 2009, ensuring a rise in supply of the product for export.

The main business of CMH, which was set up on 26 October, 2000, is operations in the oil and natural gas sector in the Pande and Temane gas fields. (macauhub)