Dec 11, 2024 | Category: All, Laws, Presidential Decree
In petroleum: 42 U.S. gallons or 9702 cubic inches at a temperature of 60ºFahrenheit. Any reference in this Act to the value of any crude oil at the posted price or market price shall be construed as a reference to the amount obtained by multiplying the number of...
Dec 11, 2024 | Category: All, Laws, Presidential Decree
In petroleum: the price which would be realized for petroleum produced under a contract as hereinafter defined if sold in a transaction between independent persons dealing at arm’s length in a free market [Section 3(g), Oil Exploration and Development Act of...
Dec 11, 2024 | Category: All, Laws, Presidential Decree
In petroleum: the FOB price established by the Contractor in consultation with the Petroleum Board for each grade, gravity and quality of crude oil offered for sale to buyers generally for export at the particular point of export, which price shall be based upon...
Dec 11, 2024 | Category: All, Laws, Presidential Decree
In petroleum: petroleum in such quantities which will permit its being economically developed as determined by the contractor after taking into consideration the location of the reserves, the depths and number of wells required to be drilled and the transport and...
Dec 11, 2024 | Category: All, Laws, Presidential Decree
In petroleum: searching for and obtaining petroleum within the Philippines through drilling and pressure or suction or the like, and all other operations incidental thereto. It includes the transportation, storage, handling and sale (whether for export or for domestic...
Dec 11, 2024 | Category: All, DOE Issuances, Issuances, Laws, Presidential Decree, Republic Act
In upstream oil & gas gas obtained from boreholes and wells and consisting primarily of hydrocarbons [Section 3(c), Oil Exploration and Development Act of 1972] In oil & gas, natural gas: gas consisting primarily of a mixture of methane, ethane, propane, and...
