Section 5: General duties of the Corporation

(1) Subject to the provisions of this Act, the Corporation shall be charged with the duty of-
(a) exploring and prospecting for, working, winning or otherwise acquiring, possessing and disposing of petroleum;
(b) refining, treating, processing and generally engaging in the handling of petroleum for the manufacture and production of petroleum products and its derivatives;
(c) purchasing and marketing petroleum, its products and by-products;
(d) providing and operating pipelines, tanker-ships or other facilities for the carriage or conveyance of crude oil, natural gas and their products and derivatives, water and any other liquids or other commodities related to the Corporation's operations;
(e) constructing, equipping and maintaining tank farms and other facilities for the handling and treatment of petroleum and its products and derivatives;
(f) carrying out research in connection with petroleum or anything derived from it and promoting activities for the purpose of turning to account the results of such research;
(g) doing anything required for the purpose of giving effect to agreements entered into by the Federal Government with a view to securing participation by the Federal Government or the Corporation in activities connected with petroleum;
(h) generally engaging in activities that would enhance the petroleum industry in the overall interest of Nigeria; and
(i) undertaking such other activities as are necessary or expedient for giving full effect to the provisions of this Act.
(2) It shall be the duty of the Corporation, from time to time, when the National Council of Ministers so requires or the Corporation considers it appropriate, to undertake a general review of the affairs of the Corporation and of any subsidiaries thereof for the purpose of determining how the management of the activities of the Corporation or any subsidiary thereof can most efficiently be organised and, where appropriate, to make a report to the President upon the Corporation's conclusions arising from the review.