Section 2: Purposes of the Fund.

The Fund shall be available for the purposes of training Nigerians to qualify as graduates, professionals, technicians and craftsmen, in the fields of engineering, geology, science and management in the petroleum industry in Nigeria or abroad; and in particular; and without prejudice to the generality of the foregoing, the Fund shall be utilised as follows-
(a) to provide scholarships and bursaries, wholly or partially in universities, colleges, institutions and in petroleum undertakings in Nigeria or abroad;
(b) to maintain, supplement, or subsidise such training or education as specified in paragraph (a) of this section;
(c) to make suitable endowments to faculties in Nigerian universities, colleges, or institutions approved by the Minister;
(d) to make available suitable books and training equipment in the institutions specified in paragraph (c) of this section;
(e) for sponsoring regular or as necessary visits to oilfields, refineries, petro-chemical plants, and for arranging any necessary attachments of personnel to establishments connected with the development of the petroleum industry; and
(f) for financing of and participation in seminars and conferences which are connected with the petroleum industry in Nigeria or abroad.