PRESIDENTIAL DECREE No. 987

: The main purpose is to extend the period for converting valid and subsisting Petroleum Exploration Concessions and published Petroleum Exploration Applications from August 25, 1976, to December 31, 1976.
: Presidential Decree No. 987 amended Presidential Decree No. 782.
: The concessions must have complied with their work obligations, applicable implementing rules, and holders must be technically and financially qualified under the rules for conversion issued by the Energy Development Board with no unpaid deficiency obligations.
: They shall be deemed automatically cancelled, and the area covered will become part of the National Reserve Area.
: The policy is to hasten the discovery, development, and production of indigenous petroleum.
: They must be converted to the service contract system.
: No, no further extensions shall be allowed after December 31, 1976.
: Compliance is a condition for eligibility to the extension of the conversion period; only those who have complied qualify for the extension.