MercoPress. South Atlantic News Agency

UK-Uruguay Trade Dialogue statement with emphasis on Patents and Intellectual Property

Uruguay presented new bilateral investment and cooperation opportunities in a range of sectors, with a focus on clean renewable energy and the low-carbon economy.

Officials from the United Kingdom and Uruguay met in London for the second meeting of the Trade Dialogue on 19th March 2024. The dialogue continued its work to enhance trade and investment, support sustainable development, and promote the exchange of knowledge and experiences. At the meeting, officials reflected on the progress made since the last dialogue.

Both countries highlighted new investments, increased trade flows and the successes of recent UK-Uruguay cooperation, particularly on Patents and Intellectual Property. Market access areas of mutual interest were discussed, with the aim of continually improving the environment for an efficient, secure and transparent flow of goods and services, in both directions.

The delegations welcomed the signing of the Memorandum of Understanding on audiovisual production and committed to promoting an action plan on health, within the framework of the Memorandum of Understanding that was signed in March 2024.

Additionally, the United Kingdom and Uruguay signed a Patent Prosecution Highway Memorandum of Understanding, an initiative that offers companies a mechanism to accelerate their patent applications when the corresponding examination work has already been carried out by another intellectual property office.

Uruguay presented new bilateral investment and cooperation opportunities in a range of sectors, with a focus on clean renewable energy and the low-carbon economy.

Both governments reaffirmed their commitment to continue working on the issues discussed and to take the necessary steps to facilitate an increase in trade and investment flows, for the benefit of both nations.

Uruguay presented new bilateral investment and cooperation opportunities, with a focus on clean renewable energy and the low-carbon economy.

ExxonMobil makes new giant hydrocarbons discovery off Guyana coast

ExxonMobil has made a new oil discovery at the off coast Guyana Stabroek block, using a drillship owned by Stena Drilling, the oil giant firm’s first hydrocarbon discovery in 2024. ExxonMobil Guyana Limited operates the Stabroek block and holds 45% interest while its partners, Hess Guyana Exploration and China National Offshore Oil Corporation, CNOOC Petroleum Guyana Limited, hold 30% and 25% interest, respectively.

According to OffshoreEnergy, ExxonMobil’s latest oil discovery at the Bluefin well, which is located approximately 8.5 kilometers southeast of the Saildin-1 well in the southeastern portion of the Stabroek block, joins the more than 30 already made at this block offshore Guyana since 2015.

Commenting on the new oil discovery, Alistair Routledge, President of ExxonMobil Guyana, highlighted: “Our exploration program continues to improve our understanding of the block’s potential to drive viable oil-and-gas development. This latest find reinforces that we have the people, skills and technology to safely and responsibly deliver value to Guyana from the country’s resources.”

According to the oil major, the Bluefin well encountered 60 meters of hydrocarbon-bearing sandstone and was drilled by the Stena DillMAX drillship in 1,294 meters of water.

ExxonMobil intends to have six FPSOs on the Stabroek block by year-end 2027, with the potential for up to ten FPSOs to develop the estimated gross discovered recoverable resources of more than 11 billion barrels of oil equivalent.

The US oil major kicked off production from its third oil development at the block on November 14, 2023. Currently, Yellowtail and Uaru, the company’s fourth and fifth projects, are in progress and will each produce approximately 250,000 barrels of oil per day.