Venezuela's Recent Land Claim Targets Offshore Oil in Neighboring Guyana

In a territorial dispute spanning nearly two centuries, tensions between Guyana and Venezuela have once again reached a boiling point. The focal point of this dispute is the vast Essequibo region which encompasses around 70% of Guyana’s territory, and is roughly equivalent to the size of Florida. On December 3, 2023, Venezuelans approved a referendum claiming sovereignty over Essequibo.

While the region itself is sparsely populated, it's what sits offshore that is attracting the attention of Venezuela's president, Nicolás Maduro.

Between 2015 and 2021, Guyana announced the discovery of about 8 billion barrels of oil reserves, elevating the country, with a population of less than a million people, to a prominent position among the top nations in terms of oil reserves. ExxonMobil, leading a consortium, operates three offshore projects in the country, earning nearly $6 billion in 2022 alone.

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