Parliament has passed a bill that aims to make the management of oil revenues more transparent, more than two years after the first oil sales from the newly independent country in July 2011. The Oil Revenue Management Bill, which was approved by parliament in July, must now be approved by the president in order to become law. The bill establishes a framework for how the government can use its oil revenues, which in H2 2011 accounted for 98% of government spending. Under the bill, a single Petroleum Revenue Account will be created to receive all oil sector revenues.