CEF (Pty) Ltd. researches, finances, develops and exploits appropriate energy solutions - including oil, gas, electrical power, coal and coal bed methane, solar energy, low-smoke fuels, biomass, wind, hydro electricity, other renewable energy sources and liquid fuels refined from crude oil or manufactured in coal to liquid (CTL) or gas to liquid (GTL) plants - to meet the future energy needs of South Africa, the Southern African Development Community (SADC) and sub-Saharan Africa.

CEF, which is governed by the CEF Act, also manages the operation and development of the oil and gas assets and operations of the South African government, which is its only shareholder. The CEF Act also establishes the Central Energy Fund and the Equalisation Fund and determines that CEF will take up the shares in SFF, responsible for managing South Africa's strategic crude oil stocks on behalf of the government.

The company is controlled by the Minister of Minerals and Energy and consists of seven operating subsidiaries which focus on gas and oil exploration, oil trading, petroleum products, promoting offshore and onshore exploration, tank terminal management, pollution prevention and control, gas infrastructure development, renewable energy and low-smoke fuels.

CEF manages some of the cash resources of the Mine Health and Safety Council and calculates the monthly petrol and diesel price for the DME. The assets and liabilities of the Equalisation Fund are managed by CEF, but are not controlled or owned by CEF. CEF carries out the administration of the Road Accident Fund levies payable by the oil companies in terms of the CEF Act.

Norad Petroleum Project

The South African Department of Minerals and Energy (DME), the Norwegian Agency for Development Co-operation (Norad) and CEF are jointly financing and managing the Norad petroleum project to strengthen the capacity in the DME and associated regulatory institutions; improve the quality of policy and legislation for South Africa and the SADC; optimise the regulatory dispensation for the oil exploration and production sector to provide an internationally competitive industry; develop strategies to empower historically disadvantaged South Africans and address gender issues in the upstream oil and gas and downstream liquid fuel and gas sectors; and develop policies to encourage the use of natural gas.