News

His Excellency Dr. Abdul Hussain bin Ali Mirza, Minister of State, Chairman of the National Oil & Gas Authority (NOGA) presided over Bahrain’s delegation to the 26th Meeting of the GCC Petroleum Co-operation Committee, which was held on 26th November 2005 at the GCC General Secretariat, Riyadh. The agenda items submitted by the 7th GCC Petroleum Undersecretaries were approved.
Discussions of important matters focused mainly on current and future conditions of world oil markets. The recommendations made by the GCC Energy Team and their counterpart in both the European Union and the People’s Republic of China were also discussed. The recommendations concentrated on mutual co-operation and investment in energy projects.

The Committee also discussed the special report on the GCC approval of the United Nations Framework Convention on Climate Change and of the Kyoto Protocol which came into effect as of February 2005, providing for a time schedule for industrial and developing countries, including the GCC states, to handle gas emissions that cause global warming. Bahrain signed the Kyoto Protocol earlier in July 2005.
It was agreed at the meeting that this subject was of prime importance to the GCC countries, as resolutions adopted in this connection could have an impact on the oil industry future in the region. Accordingly, it agreed to effectively participate in future conferences and to ensure co-ordination of a unified position by the GCC countries towards relevant issues.

The Committee also discussed energy services within the framework of the World Trade Organization (WTO). The importance of adopting a co-ordinated view on WTO related matters by the GCC countries was emphasized, as well as supporting the nomination of GCC countries for the chairmanship of the various committees.
The Committee also discussed a proposal on the establishment of a GCC centre for strategic studies and energy research and recommended the commission of a consultant from within the GCC countries to propose an organizational structure, rules and regulations, and funding resources for such a centre and determine its relationships with existing centres in the region.

The GCC Petroleum Co-operation Committee also adopted several resolutions with respect to co-operation between the GCC and European Union countries in gas matters. It also discussed co-operation in mining and investment in this sector, and petroleum product specification s within the GCC member states. Relevant recommendations were made.