- Formulation of policies, plans and programs in respect of upstream and downstream petroleum activities.
- Enact the Petroleum Resources Act and the Ceylon Petroleum Corporation Act.
- Make necessary institutional arrangements to facilitate the operational activities of oil and natural gas exploration and exploitation of the country.
- Develop and upgrade the infrastructure facilities for exploration and exploitation, supply, storage and distribution of petroleum.
- Facilitate import, export, refine, store, distribute and sell petroleum based products.
- Facilitate the conversion of waste plastic into petroleum fuel