GCC oil ministers pass unified oil strategy

Abu Dhabi - Gulf Co-operation Council (GCC) oil ministers have recommended approval of unified prospecting law as a guide for three years.

The recommendation, issued by the ministers at the end of 30th meeting of the GCC petroleum cooperation committee here Sunday, gave the competent authority in each member state the right to prepare its executive regulation.

The meeting also passed an oil media strategy which will be independent from the GCC oil strategy and be reviewed every three years.

The ministers approved a report compiled by a GCC team tasked with examining and following up meetings of the UN Framework Convention on Climate Change and the Kyoto Protocol.