INSUBCONTINENT EXCLUSIVE:
territorial dispute over the Essequibo region.This appeal, made on February 17, 2025, marks the latest development in a conflict that has
intensified due to significant oil discoveries in the contested area
claims historical ownership, rejecting an 1899 arbitral ruling that awarded the territory to British Guiana (now Guyana)
The dispute gained renewed urgency after ExxonMobil discovered over 8 billion barrels of recoverable oil offshore in 2015, transforming
In December 2023, Venezuela held a referendum where voters overwhelmingly supported annexing Essequibo.Following this, Maduro authorized
resource extraction licenses in the disputed area and warned international companies operating under Guyanese permits of violating
international law.Venezuela Pushes for Talks With Guyana Over Oil-Rich Essequibo Dispute
(Photo Internet reproduction)Guyana dismissed these actions as illegal and reaffirmed its commitment to resolving the matter through the
International Court of Justice (ICJ), where proceedings are ongoing
For Venezuela, control over Essequibo could provide an economic lifeline amid sanctions and financial crises.For Guyana, losing Essequibo
would mean forfeiting critical oil revenues driving its rapid economic growth
dialogue reflects mounting pressure but faces skepticism given his recent unilateral moves
It also carries significant implications for energy markets and international law enforcement.
