The Petroleum Fund Administration Unit (PFAU) of the Ministry of Finance, upon the invitation from the Petroleum Fund Consultative Council (PFCC), an advisory board to the National Parliament, and joined by the Autoridade Nacional do Petróleo (ANP), and the Extractive Industry Transparency Initiative (EITI) of the Ministry of Petroleum and Mineral Resources (MPRM), carried out a four-day socialization of the Petroleum Fund.
The socialization started with the university’s students of the Universidade Dili (UNDIL) in Dili on the 22 May 2015, then to the communities of the sub-districts Fohorem-Suai (27 May), Maubisse-Ainaro (28 May) and Turiscai-Manufahi (29 May).
A wide range of topics was presented by the panelists of the each respective entity. The PFCC introduced a broad discussion on the rationale for establishing the Petroleum Fund, and its role and responsibilities in accordance with the Petroleum Fund Law.
The ANP covered the production sharing contract arrangement for the existing fields of Bayu-Undan and Kitan including how petroleum revenues are shared and taxed. The EITI focused specifically on the transparency – the disclosure of revenues paid by the oil companies and received by the Government.
The PFAU, represented by Ms. Olga Inés da Conceição, a junior professional, presented very comprehensive topics starting from the objective of establishing the Petroleum Fund, actual and projected revenues, Petroleum Fund balance, investment return, how Petroleum Fund benefits the people, Petroleum Fund mechanism, Petroleum Fund and fiscal policy, Estimated Sustainable Income (ESI), governance framework, investment decision making process, Petroleum Fund investment policy, investment strategy evolution and the way forward.
The socializations were well received by the communities. Most of the subsequent questions raised were related to the use of the resources. They concerned about the lack of basic infrastructures and the waste of public monies in the form of the poor quality infrastructures constructed .