Guyana and Venezuela have agreed to not “use force” to settle their dispute over the oil-rich region of Essequibo.
After meeting Venezuela’s President Nicolás Maduro, Guyanese President Irfaan Ali reaffirmed his commitment to peace in the region.
However, he said Guyana had the right to exploit their sovereign space.
In a statement on X, Mr Maduro said it had been an “excellent day of dialogue”.
Mr Ali and Mr Maduro met in St Vincent and the Grenadines.
In a three-page joint declaration, the countries agreed they would “not threaten or use force against one another in any circumstances” and would “continue dialogue”.
They also agreed to establish a joint commission of foreign ministers to address any matters arising over the contested area, and will meet again in Brazil to discuss Essequibo.
Guyana says the issue will be resolved by the International Court of Justice, in the Hague, but Venezuela does not recognise the court’s jurisdiction.
Essequibo, a 160,000 sq-km jungle region, covers two-thirds of the Guyanese territory.
It has been the subject of historic dispute between the two countries.
Venezuela renewed its claim to the land following the discovery of oil in waters off Essequibo’s coast in 2015.
As the BBC reports, Mr Maduro previously said he would permit oil exploration in the contested territory but Guyana has already made deals with investors including oil and gas giants Exxon Mobil and Chevron.
At the meeting, Mr Ali wore a bracelet showing a map of Guyana that includes Essequibo and reiterated the dispute must be solved through the ICJ.
“Guyana is not the aggressor, Guyana is not seeking war, but Guyana reserves the right to work with all our partners to ensure the defense of our country,” he said.
Guyana’s economy is booming largely due to offshore oil reserves, and its output is expected to triple to more than 1.2 million barrels per day by 2027.
Venezuela, which contains the largest proven oil reserves in the world, is in the midst of an economic crisis.
This has been exacerbated by US sanctions imposed on its oil sales over the 2018 election of Mr Maduro.
Tension between Venezuela and Guyana
Tensions have been high between Venezuela and Guyana over the oil-rich Essequibo region in Guyana.
As Russia’s invasion of Ukraine continues and Israel advances on its quest to eliminate Hamas, Venezuela and Guyana were on the brink of war in recent days.
As the BBC reports, Venezuelan President Nicolás Maduro was moving ahead with plans to take over Essequibo, the oil-rich region controlled by neighbouring Guyana.
He hasdordered the state oil company to issue extraction licenses there and proposed the National Assembly pass a bill making the area part of Venezuela.
On the other hand, Guyana had put its defense forces on full alert in response.
This comes as Venezuelan voters in early December approved a referendum claiming rights over Essequibo, intensifying tensions.
Addressing President Maduro’s actions, Guyana’s President Irfaan Ali said.
“This is a direct threat to Guyana’s territorial integrity, sovereignty and political independence. Guyana views this as an imminent threat… and will intensify precautionary measures to safeguard its territory.”
President Ali had already spoken to the UN secretary general, asking the UN Security Council to consider intervening. He also reassured investors in Guyana- mainly oil companies – that their money is safe.
Meanwhile, Brazil had stated that its military was reinforcing its presence on the border with Guyana and Venezuela by moving more troops and armoured vehicles there.
In a December 3 decision, more than 95% of voters in Venezuela’s referendum approved establishing a new Venezuelan state in the Essequibo region.
Venezuela vs Guyana claims over the Essequibo region
Venezuela has long maintained that an 1899 decision to award the 159,500-sq-km region to the UK was unfair.
Essequibo has been under the authority of Guyana – and before it British Guiana – for more than a century, but Venezuela has long sought to control it.
The matter is currently before the International Court of Justice, although Venezuela says the court does not have authority to rule on it.
The court has warned Venezuela not to take any action that may alter the status quo in Essequibo.
Why Venezuela may want Essequibo back
The discovery of oil in waters off Essequibo’s coast in 2015 helped fire up the current dispute. Tensions increased further in September this year, when Guyana held an auction for exploration licenses in those waters.
Guyana’s wealth is mostly based on oil production and exports, which has made its economy one of the fastest growing in the world in recent years.
Venezuela, meanwhile, is trying to pull out of a multi-year economic crisis, which has been worsened by US sanctions imposed on its oil sales over the 2018 election of Mr Maduro. The country has the largest proven oil reserves in the world.
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