The PIEA was formed in 1999 by oil industry Executives from companies, agencies and individuals with direct or indirect participation in the oil sector as a membership association for oil industry stakeholders to foster best practices & standards and to promote self regulation, following the liberalization of the industry in 1994. 

The PIEA core objectives include: Lobbying with policy makers and regulatory agencies for the provision of a legal, stable fair, free and competitive market environment. Fostering high standards and practices in the oil industry in East Africa by working with stakeholders, government and regulatory agencies to facilitate the development and sustenance of Petroleum standards, guidelines and best practices. 

Professionalism by building capacity through specialized petroleum training offered at the School of Petroleum Studies-a subsidiary of the PIEA. Carrying out public safety education and awareness on various petroleum related subjects.