Memorandum Order No. 260 (1971)

MALACAÑAN PALACE

MANILA

BY THE PRESIDENT OF THE PHILIPPINES

[ Memorandum Order No. 260, October 10, 1971 ]

CREATING AN AD HOC COMMITTEE TO DRAFT GUIDELINES IN REVIEWING OPERATING CONTRACTS BETWEEN LOCAL PETROLEUM CONCESSIONAIRES AND FOREIGN OIL EXPLORATION COMPANIES.

An Ad Hoc Committee is hereby created to draft guidelines for use in reviewing operating contracts’ between local petroleum concessionaires and foreign oil exploration companies, with a view to determining whether the provisions of such contracts are in substantial compliance with the Constitution, the Corporation Law, the Anti-Dummy Law, and other applicable laws,

The Committee shall be composed of the following:

1. Atty. Ronaldo B. Zamora Executive Office | Chairman 2. Atty. Roque A. Sorioso Presidential Economic Staff | Member 3. Atty. Aurora B. Marcos Department of Agriculture & Natural Resources | Member 4. Atty. Vicente M. Conlu Bureau of Mines | Member 5. Atty. Sixto V. Villanueva Securities & Exchange Commission | Member 6. Atty. Ramon Teodoro Department of Justice | Member

In the drafting of these guidelines, the Committee shall ensure that they are not only consistent with Constitutional and legal requirements, but are also sufficiently liberal to attract into petroleum exploration ventures significant amounts of risk capital, both foreign and domestic.

The Committee is hereby enjoined to submit its report within two weeks.

By authority of the President:

(Sgd.) ROBERTO V. REYES

Acting Executive Secretary

Manila, October 10, 1971