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PRESIDENTIAL DECREE NO. 987
PRESIDENTIAL DECREE NO. 987 -
AMENDING PRESIDENTIAL DECREE NO. 782 FOR THE PURPOSE OF EXTENDING THE
PERIOD FOR CONVERTING VALID AND SUBSISTING PETROLEUM EXPLORATION
CONCESSIONS AND PUBLISHED PETROLEUM EXPLORATION APPLICATIONS FROM
AUGUST 25, 1976 TO DECEMBER 31, 1976
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In order to
give holders of valid and subsisting Petroleum Exploration Concessions
(PECs) and published Petroleum Exploration Concession Applications
(PECAs) sufficient time to upgrade their technical and financial
capabilities to develop a viable exploration program under the service
contract system and in line with the declared policy of the state to
hasten the discovery, development and production of indigenous
petroleum, I, FERDINAND E. MARCOS, President of the Philippines, by
virtue of the powers vested in me by the Constitution, do hereby amend
Presidential Decree No. 782, particularly Section 2 thereof, by
extending the deadline for conversion of valid and subsisting
concessions and concession applications to service contracts from
August 25, 1976 to December 31, 1976: Provided, That, the extension
shall apply only to those concessions that have complied with their
work obligations and the applicable implementing rules and of the date
of this decree: And provided, further, That the holders of said
concessions and/or concession applications are technically and
financially qualified under the rules for conversion issued by the
Energy Development Board and do not have any unpaid deficiency
obligations arising from any concessions held by them. No further
extension shall be allowed after this and all concessions and
concession applications not converted to service contracts for any
cause before December 31, 1976, 1976 shall be deemed automatically
cancelled and the area covered thereby shall become part of the
National Reserve Area.
This Decree shall take effect immediately.
Done in the City of Manila,
this 25th day of August, in the year of Our Lord, nineteen hundred and
seventy-six.
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