Release of Funds for Exploration and Drilling Operations of Indigenous Energy Resources
Letter of Instructions No. 1079, issued on November 3, 1980, mandates the Philippine National Oil Company (PNOC) to pursue the exploration and development of indigenous energy resources, including geothermal, coal, and uranium, as part of the country's energy self-reliance program. It authorizes the release of ?144 million from a Special Fund to reimburse PNOC for costs incurred in 1979 and 1980 related to these operations. PNOC is required to provide an annual report to the President detailing the disbursement and utilization of the funds. The instruction takes effect immediately.
Law Information
- Reference Number
- Letter of Instructions No. 1079
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 3, 1980
LETTER OF INSTRUCTIONS NO. 1079
| TO | : | The Minister of Energy |
| The Commissioner of the Budget | ||
| The Treasurer of the Philippines | ||
| The Chairman, Philippine National Oil Company |
In pursuance of the country's energy development program, the objective of which is to develop self-reliance in energy, the Philippine National Oil Company (PNOC) and its subsidiaries have embarked on an exploration and development program for important indigenous energy resources like geothermal, coal and uranium.
While funding sources are available for the actual development of these resources and the production of energy therefrom, funding assistance would be required in the exploration and drilling operations. Accordingly, the Treasurer of the Philippines is hereby directed to release PESOS ONE HUNDRED FORTY-FOUR MILLION (P144,000,000.00) out of the Special Fund created pursuant to Section 8(j) of Republic Act No. 6173 as amended to reimburse PNOC for actual costs incurred in 1979 and 1980.
PNOC is directed to submit to the President of the Philippines not later than the end of each year a report accounting for the disbursement and the utilization of the foregoing funds.
This Letter of Instruction shall take effect immediately.
DONE in the City of Manila, this 3rd day of November, in the year of Our Lord, Nineteen Hundred and Eighty. cd i
Cite This Law
Release of Funds for Exploration and Drilling Operations of Indigenous Energy Resources, Letter of Instructions No. 1079, Nov 3, 1980 (Philippines)
Release of Funds for Exploration and Drilling Operations of Indigenous Energy Resources, Letter of Instructions No. 1079 (Phil. 1980)
Related Laws
- Exploration and Development Program for Important Indigenous Energy ResourcesLetter of Instructions No. 715 • Jun 26, 1978 • Presidential Issuances
- Grant of Subsidy to PNOC for Acquisition of Geothermal Drilling RigsLetter of Instructions No. 531 • Apr 15, 1977 • Presidential Issuances
- Dispensing with the Conditions Under P.D. No. 1585 (s. 1978) Re: Exploration, etc. of Indigenous Energy ResourcesLetter of Instructions No. 924 • Aug 30, 1979 • Presidential Issuances
- Release of Funds to Reimburse PNOC for Actual Exploration Costs and to Fund Exploration ExpendituresLetter of Instructions No. 1226 • Apr 12, 1982 • Presidential Issuances
- Fund Requirements for Newly-Created Energy Supply Base for Petroleum and Other Energy-Related OperationsLetter of Instructions No. 781 • Dec 7, 1978 • Presidential Issuances
- Promoting the Exploration and Development of Geothermal ResourcesPresidential Decree No. 1442 • Jun 11, 1978 • Presidential Issuances
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