Prior to the establishment of PTDF, there existed the Gulf Oil Company Fund, which Act was repealed by the promulgation of Act No 25 0f 1973 establishing the Petroleum Technology Development Fund (PTDF) as a Fund for the purpose of training and education of Nigerians in the oil and gas industry.Section 1 of the act provides the following moneys shall be paid into the Fund: - The balance of monetary asses outstanding in the accounts of the Gulf Oil Company Training Fund at the commencement of the Act;
- All further sum payable to or received by the minister of Mines, Power & Steel ( Now minister of energy) in terms of any agreement made by the Government and any company in relation to Petroleum Oil Prospecting or mining concessions; and
- Any other sums from time to time freely donated or accruing to the Government or the Fund for the training of Nigerians in the oil and gas industry as the said minister may direct. In addition, section 2 of the Fund shall be available for the purpose of training Nigerians to qualify as Graduates, Professionals, Technicians and Craftsmen, in the fields of engineering, geology, science and management in the oil and gas industry in Nigeria or abroad. Specifically, the said section 2 further provides that the Fund shall utilize for the following purpose
a) To provide scholarships and bursaries, wholly or partially in the Universities, Collages, Institutions and in Nigeria or abroad; b) To maintain, supplement, or subsidise such training or education as mentioned above; c) To make suitable endowments to faculties in Nigerian Universities, Collages or institutions as approved by the minister d) To make available suitable books and training equipment in the institutions aforesaid e) For sponsoring regular or as necessary visits to oil fields, refineries, petrochemical plants, and for arranging any necessary attachments of personnel to establishments connected with the development of the oil and gas industry; and f) For financing of and participation in seminars and conferences which are connected with oil and gas industry in Nigeria or Abroad. |
