To provide scholarships and bursaries, wholly or partially in Universities, Colleges, Institutions and in petroleum undertakings;
To maintain, supplement, or subsidize such training or education as mentioned above.
To make suitable endowments to faculties in Nigerian Universities, Colleges or Institutions.
To make available suitable books and training equipment in the institutions aforesaid;
To sponsor regular or as necessary visits to oil fields, refineries, petro-chemical plants, and for arranging any necessary attachments of personnel to establishments connected with the development of the petroleum industry; and
To finance and participate in seminars and conferences which are connected with the petroleum industry in Nigeria or abroad.
To serve as a vessel for the development of indigenous manpower and technology transfer acquisition in the petroleum industry as well as make Nigeria a human resource centre for the West African sub-region.
History of PTDF
The Petroleum technology Development Fund (PTDF) was established by Act No. 25 of 1973, which replaced the Gulf Oil Company Training Fund (Administration) Act, 1964 and vested in the Fund all the assets and responsibilities of the defunct Gulf Oil Company Training Fund.
The PTDF Act in its definition clause states that it is “ An Act to repeal the Gulf Oil Company Training Fund (Administration) Act 1964 and to establish the Petroleum Technology development Fund for the purposes of training and education of Nigerians in the Petroleum Industry”.
From 1973 when it was established, the PTDF operated only as a desk in the Department of Petroleum Resources (DPR) until the year 2000 when it was reconstituted and made fully functional independent Parastatal.
After its reconstruction in 2000, the fund has vigorously pursued its mandate which hinged on 3 focal ares, thus:
Human Capital Development
Institutional Capacity Building
Research and Development for Technology Enhancement