»    To administer Oil Industry Development Fund.

»    To render financial and other assistance conducive for      

      development of oil industry. 

»    To provide grants and advance loans for activities such as:-

Ø     Prospecting for and exploration of crude oil

Ø     Scientific, Technological & Economic Research useful to Oil Industry.

Ø     Refining & marketing of petroleum and petroleum products

Ø   Funding of research and development programmes                              for sustainable development of oil industry.