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PRESIDENTIAL DECREE NO. 1459
PRESIDENTIAL DECREE NO. 1459
- AUTHORIZING THE SECRETARY OF ENERGY TO ENTER INTO AND CONCLUDE
SERVICE CONTRACTS, OR RE-NEGOTIATE AND MODIFY EXISTING CONTRACTS
SUBJECT TO CERTAIN LIMITATIONS
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WHEREAS, it
is the declared policy of the State to promote an accelerated
exploration, development, and production of indigenous petroleum
resources;chanroblesvirtualawlibrary
WHEREAS, there is need to re-examine existing contracts and propose
modifications thereto under certain conditions in the light of current
international developments in oil exploration and development in order
to further induce the active participation of service contractors,
particularly, foreign companies with management and financial
capabilities and technical expertise.
NOW, THEREFORE, I FERDINAND E. MARCOS, President of the Philippines, by
virtue of the powers vested in me by the Constitution, do hereby decree
and order the following:cralaw:red
Section 1. Any provision of law to the contrary
notwithstanding, the Secretary of Energy is hereby authorized to enter
into petroleum service contracts, or re-negotiate and modify existing
ones, upon the approval of the President of the Philippines, subject to
the following conditions:cralaw:red
(a) The share of the Government, including all
taxes, shall not be less than sixty per cent of the difference between
the gross income and the sum of operating expenses and such allowances
as the Secretary of Energy may deem proper to grant;chanroblesvirtualawlibrary
(b) The service contractor must be technically
competent and financially capable to undertake the petroleum operations
required in the contract; and
(c) The Secretary of Finance shall be consulted on
all matters involving revenue.
Section 2. This Decree shall take effect
immediately.
DONE in the City of Manila this
8th day of June, in the year of Our Lord, nineteen hundred and
seventy-eight.
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