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.
Guiana Shield:
- The Guiana Shield is a 1.7-billion-year-old geological formation that is home to lowland and sub montane forests and high flat-topped peak mountains known as tepuis
- Located along the northern coast of South America, the Shield covers 270 million hectares and encompasses French Guiana, Suriname, Guyana, Venezuela, and parts of Colombia and Brazil.
- In total, the Shield embraces 40% of the total area of the Amazon biome.
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Also Read: International Court Of Justice
Source: The Hindu
December 5, 2023