Venezuelan and Guyanese Leaders Meet to Address Essequibo Dispute

Guyana's president, Irfaan Ali, has stated that he will continue to support investments and collaborations in the oil-rich region of Essequibo, despite Venezuela's renewed claims to the territory. Ali reaffirmed his commitment to peace in the region after a meeting with Venezuelan President Nicolás Maduro. While he acknowledged Guyana's right to exploit its sovereign space, Ali emphasized that the issue will ultimately be resolved by the International Court of Justice (ICJ) in The Hague. On the other hand, Venezuela does not recognize the court's jurisdiction and has reiterated its claim to Essequibo, primarily due to the discovery of oil in the region's waters in 2015. Guyana has already formed partnerships with investors, including oil and gas giants Exxon Mobil and Chevron. Ali made it clear that Guyana seeks to defend its country's interests and is not an aggressor seeking war. The economy of Guyana is experiencing considerable growth, largely due to its offshore oil reserves, which are projected to triple its output to over 1.2 million barrels per day by 2027. In contrast, Venezuela, home to the world's largest proven oil reserves, is facing a severe economic crisis worsened by US sanctions imposed following the 2018 election of Nicolás Maduro.