Venezuelan President Nicolas Maduro announced on Tuesday that he plans to allow oil exploration in an area under dispute with Guyana, a move that has triggered concerns and opposition. This decision comes after a recent referendum where voters rejected the International Court of Justice’s (ICJ) jurisdiction over the disagreement and supported creating a new state in the disputed territory.
Maduro’s commitment to oil development in the Esequibo river area follows the referendum, despite the ICJ’s recent ruling barring Venezuela from taking any action that alters the status quo in the oil-rich region. Maduro stated that state-owned companies, PDVSA and CVG, will establish divisions specifically for the disputed region and grant operating licenses for oil, gas, and mining exploration.
In response, Guyana’s President Irfaan Ali expressed strong disapproval, labeling Maduro’s actions as a “blatant disregard” for the ICJ ruling. Ali announced plans to report the matter to the United Nations Security Council and the ICJ, emphasizing that Guyana’s Defense Force is on high alert. He assured investors that their interests are secure and received support from international partners. The longstanding territorial dispute over the 160,000 square km territory and maritime border has escalated in recent years due to the discovery of offshore oil and gas. The announcement by Maduro raises concerns about potential geopolitical tensions in the region, especially as oil exploration and production play a significant role in the dispute.