Mozambique to create sovereign wealth fund for O&G.

The Mozambican parliament has approved the creation of a national sovereign wealth fund to capture revenues from oil and liquefied natural gas (LNG) exploration. The Mozambique Sovereign Fund will collect revenues from LNG production in offshore areas of the Rovuma Basin, alongside future development projects and investment returns. The government expects annual gas exports to reach $91.7 billion if all approved projects in the Rovuma Basin proceed, with peak annual revenues for the state projected to exceed $6 billion in the 2040s. The fund's governance and management will be overseen by Mozambique's parliament, government, Banco de Moçambique, an independent supervisory committee, and an independent investment advisory committee. [Extracted from the article]