Guyana and Venezuela have decided to refrain from using force over their oil dispute in long contested Essequibo.
Guyanese President Irfaan Ali and Venezuela’s President Nicolás Maduro met in St Vincent and the Grenadines on December 14, where they agreed not to use force against each other. The leaders pledged to continue talking and established a commission to address issues over the disputed Essequibo region. Guyana, rich in offshore oil, wants the disagreement settled at the International Court of Justice, but Venezuela disagrees. In fact, Venezuela does not recognize ICJ.
Guyana-Venzuela Essequibo dispute
The disputed region has generally been considered to be a part of Guyana until in recent years when Venezuela began staking claim in the region post discovery of major oil and gas reserves. Venezuela recently hold successful referendum on 3rd Dec sparking unease and uncertainity in the region.
The 160,000 sq-km Essequibo has been a historical point of contention between the two nations, with Venezuela renewing its claim after oil was found there in 2015. Despite Venezuela’s claim, Guyana has made deals with major oil companies. President Ali emphasized Guyana’s commitment to peace while asserting its right to defend itself. Its growing economy relies on its oil reserves, while Venezuela, facing economic difficulties, has been affected by US sanctions on its oil sales.
Matters began escalating when a referendum held in Venezuela voted for a Venezuelan takeover of the region.
Leader of both countries shook hands during a meeting at Argyle International Airport near the island’s capital Kingston. They were surrounded by advisers and officials from regional Caribbean blocs. During a news conference held between meetings, President Ali asserted that Guyana remains steadfast in its commitment to having the territorial matter determined by the ICJ. He emphasized the importance of respecting the outcome of the ICJ’s decision on the matter.
“Guyana is not seeking war, but she reserves the right to work with all our partners to ensure the defense of our country,” President Ali stated, adding that, “both parties committed to ensuring the region remains a zone of peace.
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