Section 1
SECTION 1. Any provision of law to the contrary notwithstanding, the Secretary of Energy is hereby authorized to enter into petroleum service contracts, or re-negotiate and modify existing ones, upon the approval of the President of the Philippines, subject to the following conditions: The share of the Government, including all taxes, shall not be less than sixty per cent of the difference between the gross income and the sum of operating expenses and such allowances as the Secretary of Energy may deem proper to grant; The service contractor must be technically competent and financially capable to undertake the petroleum operations required in the contract; and The Secretary of Finance shall be consulted on all matters involving revenue.