Presidential
Decree No. 469
AMENDING
PRESIDENTIAL DECREE NO. 87, OTHERWISE KNOWN AS “THE OIL
EXPLORATION AND DEVELOPMENT ACT OF 1972”
WHEREAS, it is the declared policy of the State to hasten the discovery and
production of indigenous petroleum through the utilization of Government and/or
private resources;
WHEREAS, the two pivotal agencies of the government responsible for carrying
out the foregoing national policy are the Petroleum Board created under
Presidential Decree No. 87 and the
Philippine National Oil Company created
under
Presidential Decree No. 334;
WHEREAS, in carrying out their functions, the Petroleum Board, among others,
executes and approves all service contracts in connection with exploration and
petroleum operations entered into by the Government with all private persons
while the
Philippine National Oil Company
is the Government entity empowered to undertake and engage in, by itself or in
consortium with others, exploration activity and other petroleum operations;
WHEREAS, to enable both agencies to fully coordinate their activities and plans
at the policy level it is essential to provide said agencies a common forum;
WHEREAS, this can be attained by reconstituting the membership of the Petroleum
Board and giving the
Philippine National Oil
Company representation therein;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
SECTION 1. Section 17 of
Presidential Decree No. 87 is hereby amended to read as
follows:
“SEC. 17. There is hereby created a
Petroleum Board composed of the
President of
the Philippine National Oil Company, as Chairman, and the
Secretary of National Defense, the Executive
Secretary, the
Secretary of Natural Resources,
the
Secretary of Finance, the
Secretary of Justice, the
Secretary of Industry, the
Governor of the Central Bank and the
Director of Mines as members. The Board shall designate and appoint its
Executive Director.”
SEC. 2. This Decree shall take effect
upon its approval.
Done in the City of
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