Home » What is Guayana Esequiba and where is it? What you should know about the oil-rich region that Venezuela disputes with Guyana

What is Guayana Esequiba and where is it? What you should know about the oil-rich region that Venezuela disputes with Guyana

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What is Guayana Esequiba and where is it?  What you should know about the oil-rich region that Venezuela disputes with Guyana

The century-old conflict between Venezuela and Guyana over the sovereignty of Essequibo has reignited, sparking tensions between the two countries in recent weeks. Venezuela has called a referendum for December 3 to reaffirm its rights over the area, currently controlled by Guyana. This action has been viewed as a threat by Guyana, who has asked the International Court of Justice to intervene.

The region is rich in mineral resources, including bauxite, gold, diamonds, and more. Additionally, an American oil company, Exxon Mobil, recently discovered a significant oil deposit in the Atlantic Ocean, further fueling the conflict.

However, international experts believe that both countries will more likely avoid an open conflict, despite the growing tensions.

The dispute has emerged due to geopolitical and economic changes in both countries. Venezuela, facing an economic crisis, is seeking new sources of wealth amid the decline of its oil industry. Meanwhile, Guyana has experienced significant economic growth following the discovery of large oil reserves in 2015. The conflict could have far-reaching implications for both countries, and the situation remains in flux.

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