Amending Presidential Decree No. 87, Otherwise Known As "The Oil Exploration And Development Act Of 1972"

MALACAÑANGM a n i l a PRESIDENTIAL DECREE No. 469 May 23, 1974 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 provincial 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. 364; 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...