The objectives of the Corporation as laid down in the TPDC establishment order:

• To explore and produce petroleum.
• To carry out standard activities of an oil company including, distribution and storage facilities.
• To hold exploration and production rights.
• To contract, hold equity or participate in oil concessions, franchises and licenses.
• To manage parastatals or other legal entities transferred to the corporation.
• To develop an adequate industrial base for the oil industry.

TAs stipulated in section 9 of The Petroleum Act of 2015, TPDC functions are as follows: :

1. Advising the Government on policy matters pertaining to the petroleum industry;
2. Participating in petroleum reconnaissance, exploration and development projects;
3. Carrying out specialized operations in the petroleum value chain using subsidiary companies;
4. Handling the Government’s commercial participating interests in the petroleum sub-sector;
5. Managing the marketing of the country’s share of petroleum received in kind;
6. Developing in-depth expertise in the petroleum industry;
7. Investigating and proposing new upstream, midstream and downstream ventures locally and internationally;
8. Contracting, holding equity or participating in oil service and supply chain franchises and other licenses; and
9. Performing any petroleum activities and related functions.