Venezuela Initiates Action to Assert Control over Essequibo, a Region Currently Governed by Guyana

Venezuelan President Nicolás Maduro is proceeding with his plans to take control of Essequibo, an oil-rich region currently controlled by neighboring Guyana. Maduro has instructed the state oil company to issue extraction licenses in the area and has proposed a bill to the National Assembly in order to incorporate Essequibo into Venezuela. In response, Guyana has put its defense forces on high alert. Tensions escalated further when Venezuelan voters approved a referendum claiming rights over Essequibo. Guyana's President Irfaan Ali condemned Maduro's actions, calling them a direct threat to Guyana's territorial integrity, sovereignty, and political independence. He has reached out to the UN Secretary-General and is seeking intervention from the UN Security Council. Ali reassured investors, particularly oil companies, that their investments are secure. Venezuela's claim to Essequibo dates back to an 1899 decision that awarded the territory to the UK, a decision that Venezuela has long criticized as unfair. The matter is currently being considered by the International Court of Justice, although Venezuela contests the court's authority. The court has warned Venezuela against taking any action that may change the status quo in Essequibo. The dispute over Essequibo has persisted for over a century, with Venezuela seeking control over the region. The discovery of oil in Essequibo's waters in 2015 has further heightened tensions, particularly when Guyana held an auction for exploration licenses in that area. Guyana's economy heavily relies on oil production and exports, leading to significant economic growth in recent years. On the other hand, Venezuela is grappling with a prolonged economic crisis, worsened by US sanctions on its oil sales since the election of President Maduro in 2018. Despite its crisis, Venezuela possesses the largest proven oil reserves globally.