BATANGAS STATE UNIVERSITY

THE NATIONAL ENGINEERING UNIVERSITY

COLLEGE OF ENGINEERING
DEPARTMENT OF PETROLEUM ENGINEERING

ACTIVITY NO. 2

PETE 401
INTRODUCTION TO OIL AND GAS INDUSTRY AND
SUSTAINABLE DEVELOPMENT

GALLANO, KAEL AARON M.

21-06607 / PETE-2106
NOVEMBER 29, 2022

ENGR. LEVI MERCADO

 OIL AND GAS FISCAL REGIME

1. PRESIDENTIAL DECREE NO. 87 OF 1972

- PRESIDENTIAL DECREE NO. 8 WAS ISSUED ON OCTOBER 2,

1972, TO ENCOURAGE THE DISCOVERY AND DEVELOPMENT OF
THE COUNTRY'S INDIGENOUS PETROLEUM RESOURCES, AND TO
INCORPORATE THE PROVISIONS OF SENATE BILL NO. 531 INTO
THE LAW OF THE LAND (AN ACT TO PROMOTE THE DISCOVERY,
PRODUCTION OF INDIGENOUS PETROLEUM AND APPROPRIATE
FUNDS).

2. PRESIDENTIAL DECREE NO. 8 WAS ISSUED ON OCTOBER 2,

1972, UNDER THE ADMINISTRATION OF FORMER PRESIDENT
FERDINAND E. MARCOS SR. IT WAS IMPLEMENTED IN THE
COUNTRY TO ENCOURAGE THE DISCOVERY AND DEVELOPMENT
OF INDIGENOUS PETROLEUM RESOURCES IN THE PHILIPPINES,
AS WELL AS APPROPRIATE GOVERNMENT FUNDING FOR THEIR
PRODUCTION. THIS LAW ALSO STATES THAT ALL PETROLEUM
RESOURCES OBTAINED BELONG TO THE GOVERNMENT AND WILL
BENEFIT FILIPINOS, THEREBY CONTRIBUTING TO NATIONAL
ECONOMIC DEVELOPMENT