Companhia Moçambicana de Hidrocarbonetos (CMH), part of Empresa Moçambicana de Hidrocarbonetos (ENH) recorded a revenue loss of about 54 percent, due to lower oil prices on the international market influenced by Covid-19.

The information is contained in the Annual Report and Financial Statements of the last audit at the company in the year ending June 30.

The CMH Report shows total positive comprehensive income (net profit) of $11.4 million, representing a decrease of $54% when compared to last year's results of $24.7 million.

This revenue results from the production and sale of 179.35 million Giga joules of Natural Gas and Condensate versus the 176.19 million Giga joules sold in 2020.

Among others, CMH's main challenge is the availability of proven reserves, to ensure the supply of gas under the contracts, says the Chairman of the Board, Arsénio Mabote, quoted in the document.

"We urgently need to invest in additional projects, both gas compression and drilling to recover more gas from the Pande and Temane reservoirs to increase their respective volumes for supply," he said.

CMH shares are still traded in the securities market of the Mozambique Stock Exchange. During the financial year there was a variation in the CMH share price from 2,750 Meticais to 3,500 Meticais, reaching the price of 4,600 Meticais in December 2020.