Empresa Nacional de Hidrocarbonetos (ENH), the oil company owned by the Mozambican state, reversed its 2021 losses and made a profit of 461.9 million meticais last year.

According to the accounts report, quoted by Lusa, ENH had recorded a net profit in 2021 of 153.1 million meticais, which became positive, at 461.9 million meticais, in 2022, with sales of goods and services - essentially gas - practically doubling, to 960.2 million meticais last year.

ENH operates under the Ministry of Natural Resources and Energy, and its "main objective" is oil activity, "namely prospecting, research, development, production, transportation, transmission and marketing of hydrocarbons and their derivatives", including imports and exports.

According to the report by the Mozambican state oil company, the financing of natural resource exploration assets in the country amounts to more than 1,195 million dollars, an increase on the 1,027 million dollars invested on December 31, 2021.

The company's assets grew last year to more than 95,698 million meticais, while its liabilities increased to 83,959 million meticais.

ENH's share capital, which employs more than 200 people, amounts to 749 million meticais and is fully subscribed and paid up by the Mozambican state, the company's sole shareholder.

Created in 1981, ENH participates in all oil operations and the respective phases of research, exploration, production, refining, transportation, storage and marketing of hydrocarbons and their derivatives, including Liquefied Natural Gas (LNG) and Gas to Liquids (GTL), both inside and outside the country.