Article 93. Title to areas, property, and equipment after renunciation, cancellation, or expiration of a concession. —
Upon the renunciation, cancellation, or expiration of an Exploration or Exploitation Concession, the area covered thereby shall automatically become part of the National Reserve.
Upon the renunciation, cancellation, or expiration of an Exploration Concession, or of an Exploitation Concession within the first term of twenty-five years or within the first fifteen years of its renewal, if any, as provided for in this Act, the title rights to all apparatus, materials, equipment, supplies and other personal properties, all works, buildings and other facilities and structures which the concessionaire places on the land under the terms of the concession, including but not limited to drilling pipe, warehouse stocks, automotive, aviation and marine equipment, shall remain vested in the concessionaire, and the concessionaire shall have the right to remove and export the same at any time within one year counted from the date the concessionaire shall cease to retain the right to use the lands subject to the concession on which the said property is located: Provided, however, That the Government shall acquire title to all properties not so removed at the end of the said one-year period: Provided, further, That the Government shall have the exclusive right of option, but not the obligation, to buy from the concessionaire any or all of the properties which the concessionaire has the right to remove under this paragraph within ninety days from the date the concession is renounced, cancelled or terminated: And provided, finally, That the concessionaire shall maintain said properties, pending decision of the Government to purchase the same, in as good condition as the condition of said properties on the date of the said renunciation, cancellation or termination of the concession, ordinary wear and tear and damage caused by circumstances beyond the control of the concessionaire excepted. The price of the said properties shall be fixed by agreement between the parties but in case of any disagreement as to the price, the same shall be submitted to a board of appraisal of three members to be appointed, one, by the Secretary of Agriculture and Natural Resources, another by the concessionaire and the third, by the two appraisers appointed by the two parties, which board shall determine the price to be paid by the Government for the said properties. Roads, bridges, airports, wharves, and casings in the ground shall become the property of the Government without any payment.
In case of renunciation, cancellation or termination of the Exploitation Concession after the fifteenth year from the date of the renewal, if any, of the concession, all the property mentioned in the preceding paragraph shall become the property of the Government without payment or indemnification to the concessionaire.
The above provisions do not apply to any refinery built by the concessionaire as said refinery shall continue to be the exclusive property of the owner thereof even after the termination of the concession: Provided, That roads and bridges constructed by the concessionaire shall become the property of the Government.