Section 2Republic Act No. 5092 and other laws relating to the promotion and regulation of the exploration, exploitation and development of geothermal energy, natural gas and methane gas are likewise transferre, Sec./Art. 2

Creation of the Energy Development Board. To implement the aforesaid policy, there is hereby created an Energy Development Board, hereinafter referred to as the Board, which shall be composed of the Secretary of Finance, Secretary of Industry, Secretary of Justice, Secretary of National Defense, Secretary of Economic Planning, Secretary of Natural Resources, and the Chairman of the Philippine National Oil Company. The President of the Philippines shall designate the Chairman of the Board from among its members.

The officials next in rank to the members of the Board, as designated by them, shall serve as alternate members. They shall attend the meetings of the Board whenever their principals are absent or their positions are vacant.