Presidential
Decree No. 782
PLACING UNDER A SINGLE
GOVERNMENTAL AUTHORITY ALL ACTIVITIES RELATING TO THE DISCOVERY, DEVELOPMENT
AND PRODUCTION OF INDIGENOUS PETROLEUM RESOURCES
WHEREAS,
it is the declared policy of the state to hasten the discovery, development and
production of indigenous petroleum through the utilization of government and/or
private resources, local and foreign, under arrangements embodied in
Presidential Decree No. 87, as amended, which will yield
maximum benefit to the Filipino people and revenues to the Philippine
government for use in the furtherance of national economic development, and to
assure fair returns to participating enterprises, particularly those that will
provide the necessary services, financing and technology, and fully assume all
exploration risks;
WHEREAS,
it is essential in the interest of efficiency, economy and maximization of
efforts in carrying out the foregoing national policy to integrate and
coordinate in a single governmental body the functions, responsibilities and
regulatory powers of the various agencies pertaining to oil exploration and
development;
WHEREAS,
a large portion of the country’s total land area that has been delineated for
petroleum exploration purposes is covered by either subsisting petroleum
exploration concessions or published concession applications under the
Petroleum Act of 1949,
as amended;
WHEREAS,
Article XVIII, Section 12 of the Constitution of the Philippines provides in
part that when the national interest so requires, the incumbent President of
the Philippines or the interim Prime Minister may review all contracts,
concessions, permits or other forms of privileges for the exploration,
development, exploitation or utilization of natural resources entered into,
granted, issued, or acquired before the ratification of the Constitution;
NOW,
THEREFORE, I, FERDINAND E. MARCOS, President of the
SECTION
1. The powers and duties vested in the
Secretary of Natural Resources (formerly
Secretary of Agriculture and Natural Resources) under
Republic
Act No. 387, as amended, otherwise known as the
Petroleum Act of 1949, particularly the
provisions of Chapter IX (Officials in Charge and Duties) thereof transferred
to the
Petroleum Board created under and
pursuant to
Presidential Decree No. 87, as amended.
The
functions of the Petroleum Division of the Petroleum Technical Committee in the
Bureau of Mines relative to the
implementation of
Republic Act No. 387, as amended,
together with applicable appropriations, records, equipment and property are
transferred to the
Petroleum Board.
SEC.
2. All holders of valid and subsisting
petroleum exploration concessions or published petroleum exploration concession
applications under the
Petroleum
Act of 1949, as amended, shall convert their concession or concession
application to a service contract under the terms and provisions of
Presidential Decree No. 87, either alone or with any local
or foreign oil company or companies within a period of one (1) year from the
effective date of this Decree. Any
concession or concession application not so converted for any cause within the
said one (1) year period shall be deemed automatically cancelled and the area
covered thereby shall become part of the National Reserve Area.
SEC.
3. Rules and regulations to govern the
conversion provided above shall be issued by the Petroleum Board.
SEC.
4. All laws, executive orders and
regulations inconsistent herewith are hereby repealed or modified
accordingly.
SEC.
5. This decree shall take effect
immediately.
DONE
in the City of
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