Context: On December 3, Venezuela held a nonbinding referendum to  strengthen the nation’s century-old claim to the oil-rich Essequibo territory governed by Guyana.

The Essequibo Dispute

• About 10.5 million votes were cast by Venezuela’s 20.7 million eligible voters.
• The referendum covers five questions, including proposals for creating a Venezuelan province to be called “Guyana Essequibo,” giving the inhabitants Venezuelan citizenship and a call to reject the ICJ’s jurisdiction.
• The referendum raised fears in Guyana and around the region, about Venezuela’s ultimate intentions over the contested territory.

Timeline of the Venezuela-Guyana Conflict

• 1777: Recognition of Essequibo River as Border
  • Venezuela claims that the Essequibo River has been recognized as a natural border between the two countries since 1777.
• 1899: Paris Arbitration Panel
  • The arbitration panel in Paris determines the border between Venezuela and Guyana.
• 1966: Geneva Agreement
  • Venezuela and Guyana sign the Geneva Agreement, intending to resolve the territorial dispute through negotiations.
• 2015: Friction Increases with Oil Exploration
  • Friction intensifies as ExxonMobil and other companies engage in offshore oil exploration in areas overlapping the disputed territory.
• September 2023: Guyana Takes Bids for Oil Exploration Blocks
  • Guyana takes bids for several offshore oil exploration blocks, raising tensions in the region.
• Ongoing: Disputed Maritime Concessions
  • Venezuela maintains that Guyana lacks the right to grant concessions in maritime areas of the Essequibo, adding to the ongoing dispute

About Essequibo Region: 

• The Essequibo region is more than two-thirds of the territory of Guyana and is home to 125,000 of its 800,000 citizens.
• Location: A geographical region in the northeast of South America.
  • Significance: The region also has the world’s biggest crude oil reserves per capita. Recently, Guyana announced a “significant” new oil discovery, adding to estimated reserves of at least 10 billion barrels more than Kuwait or the United Arab Emirates.
  • Guyana is set to surpass the oil production of Venezuela and according to estimates, the country is on track to becoming the world’s largest per-capita crude producer by 2025.

Also Read: International Court Of Justice

Source: The Hindu