Section 1: Establishment of the Petroleum Technology Development Fund

There is hereby established a fund to be known as the Petroleum Technology Development Fund (in this Act referred to as "the Fund") into which shall be paid moneys comprising the following, that is to say-(a) the balance of monetary assets outstanding in the accounts of the Gulf Oil Company Training Fund at the commencement of this Act;
(b) all further sums payable to or received by the Minister charged with responsibilities for matters relating to petroleum development in terms of any agreement made by the Government and any company in relation to petroleum oil prospecting or mining concessions; and
(c) any other sums, from time to time, freely donated or accruing to the Government or the Fund for the training and education of Nigerians in the petroleum industry as the said Minister may direct,and moneys in the said Fund together with interest (if any) payable in respect thereof shall be applied for the purposes specified in section 2 of this Act.