Need for Foreign Investment and Expertise
- Highlights the necessity of attracting foreign companies due to the huge capital, advanced technology, and experience required for oil exploration.
- Foreign companies may participate through partnerships or joint ventures with the government or the private sector.
Limitations of Existing Laws
- Acknowledges that existing laws have constraints that have limited the attraction of foreign oil exploration companies to invest in local ventures.
Pending Legislative Measure
- References the pending Senate Bill No. 531 entitled "AN ACT TO PROMOTE THE DISCOVERY AND PRODUCTION OF INDIGENOUS PETROLEUM AND APPROPRIATING FUNDS THEREFOR" which was certified as urgent.
Government Objectives
- Emphasizes that the measure aligns with government objectives to establish a new social and economic order benefiting the country and its people.
Presidential Authority and Decree
- The President, exercising constitutional and emergency powers under Proclamation No. 1081 and related general orders, promulgates the cited measure as law.
- The measure is adopted in full and made part of the law of the land.
Effectivity
- The decree takes immediate effect upon promulgation.
Summary of Legal Impact
- The decree establishes a legal framework promoting indigenous petroleum discovery and production.
- Attracts foreign capital and expertise through provisions allowing partnerships and joint ventures.
- Addresses prior legal limitations hindering oil exploration investments.
- Demonstrates exercise of presidential decree powers in absence of Congress during the state of emergency.