The Petrofund Alumni Association is an association whose membership is drawn from former and current Petrofund students.The association was founded in 2004. PAA is governed by a Deed of Trust and is headed by a secretary general.

The PAA is affiliated to the Petrofund. Members are required to pay a subscription fee in order to have voting rights. Each university has a student representative on the PAA.

Through PAA, Petrofund aims to develop and keep a database of achievements of its former bursary recipients. The association has also emerged as a platform for students to channel concerns to the Petrofund office. Administrator attends PAA meetings as observer.