Preamble
WHEREAS, the Philippine National Oil Company was organized principally to assure an adequate and stable supply of oil and petroleum; WHEREAS, the continuing increase in the cost of oil and petroleum makes it imperative that the exploration and development of other sources of energy be accelerated; WHEREAS, the Philippine National Oil Company is best suited to undertake the task; at the same time, in order that the Philippine National Oil Company may better realize the purposes for which it has been organized and so that it may continue to be an effective instrument in the attainment of national goals, it is necessary that powers be broadened;