- The OESI will report on the status of research activities related to offshore oil and gas exploration and production technology that is being performed by industry, academia, and governments throughout the world and identify key technological and regulatory gaps in that research.
- OESI will facilitate the development and funding of research projects with industry, academic institutions, government entities, and research laboratories or organizations, such as the NAS.
- The OESI will provide a Biannual Status Report on the state of the science for all ongoing research, and ensure the broad dissemination of this information.
- OESI will assess best international industry practices and issue Annual International Reports on best practices that are being used globally in the offshore oil and gas industry.
- OESI will also identify risk assessment methodologies that are being used globally in the offshore industry or other industries and facilitate (when applicable) the development of new models to measure and assess risk in offshore oil and gas drilling and production operations.