Release of P30 Million to PNOC for Its 1975 Exploration Program
Letter of Instructions No. 241, issued on January 11, 1975, allocates P30 million to the Philippine National Oil Company (PNOC) for its 1975 oil exploration program. The funds, sourced from a Special Fund under Republic Act No. 6173, are intended to support activities such as a regional study of sedimentary basins and the drilling of two exploratory wells. The PNOC is required to provide a report on the use of these funds by December 31, 1975. The directive is effective immediately.
Law Information
- Reference Number
- Letter of Instructions No. 241
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
January 11, 1975
LETTER OF INSTRUCTIONS NO. 241
RELEASE OF P30 MILLION TO THE PHILIPPINE NATIONAL OIL COMPANY FOR ITS 1975 EXPLORATION PROGRAM
| TO | : | The Commissioner of the Budget |
| The Treasurer of the Philippines | ||
| The Chairman, Philippine National Oil Company |
For the purpose of financing the oil exploration program for 1975 of the Philippine National Oil Company consisting, among others, of a regional study of selected sedimentary basins and the drilling of two (2) exploratory wells, it is hereby directed that P30 million be released out of the Special Fund created pursuant to Section 7(j) of Republic Act No. 6173, as amended.
The Philippine National Oil Company is also hereby directed to submit to me on or before December 31, 1975 a report accounting for the disbursement and use of the amount released to it.
This Letter of Instruction shall take effect immediately.
DONE in the City of Manila, this 11th day of January, in the year of Our Lord, Nineteen Hundred and Seventy-Five.
Cite This Law
Release of P30 Million to PNOC for Its 1975 Exploration Program, Letter of Instructions No. 241, Jan 11, 1975 (Philippines)
Release of P30 Million to PNOC for Its 1975 Exploration Program, Letter of Instructions No. 241 (Phil. 1975)
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