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:
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:
SEC. 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.
(Sgd.) FERDINAND E. MARCOS
President of the Philippines
By the President: (Sgd.) JACOBO C. CLAVE Presidential Executive Assistant