The Board consists of seven members who are appointed for fixed terms of office. Three members are appointed by the federal government, three by the provincial government and the Chairman is appointed by both the federal and provincial governments. The Chairman also acts on a full-time basis as Chief Executive Officer.

Exploration Department
This Department is responsible for co-ordinating geophysical and geological program authorizations; monitoring and evaluating geological and geophysical programs and exploratory and delineation drilling; determining significant and commercial discovery areas; evaluating undiscovered resource potential of the Board's area of jurisdiction; providing recommendations on development plans and maintaining geological and geophysical databases and cuttings, cores and fluid samples.

Resource Management Department
This Department is responsible for oil and gas conservation; assessing discovered resources and productive capacities; administering regulations concerning exploitation schemes for depletion of oil and gas pools, reservoir data acquisition and production rate limitation; reviewing and providing recommendations on well evaluation programs, development plans for oil and gas fields, production accounting procedures and testing programs; maintaining the reservoir database; evaluating conservation and enhanced recovery projects; monitoring field performance; and conducting reservoir performance studies.

Operations and Safety Department
This Department is responsible for reviewing and providing recommendations regarding the approval of offshore petroleum exploration, development and production activities; reviewing operators' emergency response plans; monitoring offshore petroleum activities; conducting safety audits and inspections related to procedures, training and equipment; administering and making recommendations regarding the drafting of regulations, their standards and guidelines; monitoring any conditions of approval; co-ordinating with other agencies as required; and providing status reports of offshore petroleum activities.

Environmental Affairs Department
This Department assesses environmental effects; administers and advises on environmental protection regulations and guidelines; establishes and monitors compliance with physical environment and effluent treatment requirements; co-ordinates with other environmental agencies; and reviews operators' environmental emergency contingency plans.

Industrial Benefits Department
This Department provides advice to the Board concerning the administration of the Canada-Newfoundland and Labrador benefits plan provisions of the legislation, including provisions related to domestic procurement, employment, project management, research and development, education and training, and employment equity.

Legal and Land Department
This Department is responsible for providing legal and land advice and services to the Board. Land matters include the issuance of exploration rights through calls for bids; and the administration of exploration, significant discovery and production licenses.

Support Services Department
This Department provides administrative, financial, human resource, information management and computer services to the Board.

The Executive Committee
The Executive Committee manages the day-to-day activities of the Board. It comprises the Chairman and all of the vice-chairpersons.