AN ACT DEFINING AND PENALIZING CERTAIN PROHIBITED ACTS INIMICAL TO THE PUBLIC INTEREST AND NATIONAL SECURITY INVOLVING PETROLEUM AND/OR PETROLEUM PRODUCTS, PRESCRIBING PENALTIES THEREFOR AND FOR OTHER PURPOSES.

AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES, IN AID OF THE ESTABLISHMENT AND OPERATION OF A PETROLEUM AND NATURAL GAS INDUSTRY, TO CALL FOR BIDS AND AWARD AND EXECUTE CONTRACTS FOR THE EXPLORATION, EXPLOITATION AND DEVELOPMENT OF PETROLEUM AND NATURAL GAS DEPOSITS IN PRIVATE AND PUBLIC LANDS IN THE PHILIPPINES, SUBJECT IN ALL CASES TO THE EXPRESS APPROVAL OF THE NATIONAL ASSEMBLY.

REQUIRING OIL COMPANIES AND BULK SUPPLIERS TO MAINTAIN A SUFFICIENT MINIMUM INVENTORY OF PETROLEUM, FOR PURPOSES OF ENSURING CONTINUITY, ADEQUACY AND STABILITY OF CRUDE AND FUEL SUPPLY

EXPANDING THE INCENTIVE FEATURES OF LETTER OF INSTRUCTIONS (LOI) NO. 1352 DATED SEPTEMBER 8, 1983 TO ENCOURAGE CRUDE OIL EXPORT PROCESSING ACTIVITIES IN THE COUNTRY BY INCLUDING THEREIN INTERMEDIATE PRODUCTS FOR FEEDSTOCKS AND AUTHORIZING THE SWAP OR EXCHANGE OF PETROLEUM PRODUCTS, THEREBY AMENDING LOI NO. 1352, AND FOR OTHER PURPOSES

MANDATING THE PHASE-OUT OF LEADED GASOLINE AS ONE OF THE MEANS OF SOLVING AIR POLLUTION

DECLARING FULL DEREGULATION OF THE DOWNSTREAM OIL INDUSTRY

PROVIDING FOR AN ADMINISTRATIVE MACHINERY FOR THE EFFICIENT AND EQUITABLE ALLOCATION AND DISTRIBUTION OF PETROLEUM PRODUCTS

AN ACT TO PROMOTE THE EXPLORATION, DEVELOPMENT, EXPLOITATION, AND UTILIZATION OF THE PETROLEUM RESOURCES OF THE PHILIPPINES; TO ENCOURAGE THE CONSERVATION OF SUCH PETROLEUM RESOURCES; TO AUTHORIZE THE SECRETARY OF AGRICULTURE AND NATURAL RESOURCES TO CREATE AN ADMINISTRATION UNIT AND A TECHNICAL BOARD IN THE BUREAU OF MINES; TO APPROPRIATE FUNDS THEREFOR; AND FOR OTHER PURPOSES