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PRESIDENTIAL DECREE NO. 782
PRESIDENTIAL DECREE NO. 782
- PLACING UNDER A SINGLE GOVERNMENTAL AUTHORITY ALL ACTIVITIES RELATING
TO THE DISCOVERY, DEVELOPMENT AND PRODUCTION OF INDIGENOUS PETROLEUM
RESOURCES
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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;chanroblesvirtualawlibrary
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; chanroblesvirtualawlibrary
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;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines by
virtue of the powers vested in me by the Constitution do hereby decree,
order and make part of the law of the land the following:cralaw:red
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.
Section 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.
Section 3. Rules and regulations to govern the
conversion provided above shall be issued by the Petroleum
Board. chanroblesvirtualawlibrary
Section 4. All laws, executive orders and regulations
inconsistent herewith are hereby repealed or modified accordingly.
Section 5. 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-five.
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