Key Information Petroleum Revenue Management Workshops Catholic Bishops urge Angola Gov't to implement EITI (English, Portuguese) The Ministry of Finance publishes information on monthly revenues from oil exports by companies, block, and type of payment on its website, in Portuguese. Angola and the IMF World Bank's country brief on Angola

All oil companies, including state-owned Sonangol, are subject to fiscal audits by an international auditor (DeloitteTouche). All companies are also subjected to cost audits. Company payments by month, by block, and by type of payment are published on the Ministry of Finance website. Sonangol underwent its first IAS audit for 2003, prepared by Ernst & Young, with a follow-on audit for 2004. In September 2004, Angola’s Council of Ministers created a reserve fund to save oil windfalls accumulated as a result of high oil prices.

In May 2004, Angola decided to participate in the IMF’s General Data Dissemination System.

In December 2005, Sonangol announced a public competitive bid round for several deepwater blocks Bid criteria were publicly announced. The list of firms short-listed was published by the Government in May 2006.  All bids were opened publicly, as were awards. First awards were announced in May 2006. 

In March 2006, the IMF issued preliminary conclusions of its Article IV consultations with the Government, which discusses petroleum revenue management. The Government requested that the IMF complete a Report on the Observance of Standards and Codes (ROSC) in the area of Fiscal Transparency, including on resource revenue. 

The Government and World Bank are working together on a program of transparency-related technical assistance.  As part of this program, two Petroleum Revenue Management Workshops—one for government officials and one for civil society stakeholders—were held from 15-19 May 2006 in Luanda, Angola.