Section 1
SECTION 1. Recognizing the relation of the development of the petroleum and gas resources of the Philippines to its general welfare and national defense and desiring to ascertain if such resources exist in its territory in commercial quantities and, if they exist, to have the same developed as early as practicable; being convinced that the search for, and development of, such resources, requiring as they do geological and geophysical examinations in large and widely scattered areas, the drilling of wells, often to great depths, and the construction of plants, buildings, storage tanks, pipe lines, and other facilities, is a highly specialized, difficult, and hazardous undertaking, calling for adequate experienced technical personnel and the expenditure of large sums of money; and having observed that the efforts to discover and develop such resources in the Philippines through the issuance of leases under existing laws and regulations have not proven successful, it is declared to be the policy of the Government of the Commonwealth of the Philippines to undertake the search for, exploitation, and development of the petroleum and natural gas resources of the Philippines and in such undertaking to engage and utilize the services, as independent contractor or contractors, of persons or corporations who have adequate resources, experiences, and organization to render such services effectively, subject in every case to the express approval. of the National Assembly.