Venezuela has announced a “firm” reaction to Exxon Mobil Corp.’s plan to drill in the Esequibo, a region disputed with Guyana.
Defense Minister Vladimir Padrino stated that any exploration by Exxon would encounter a “proportional and legally justified” response. He claims the area belongs to Venezuela by right.
Exxon aims to expand its drilling west of the Liza discovery, close to Venezuelan waters.
Alistair Routledge, the head of Exxon Guyana, reported to the Demerara Waves their intention to proceed, despite the territorial disagreement.
The Esequibo’s oil wealth has fueled over a century of dispute between the two nations. Late in 2023, tensions flared again.
However, recent discussions mediated by Brazil saw both countries seeking to prevent conflict escalation.
The resurgence of this territorial dispute, especially after Exxon’s 2015 oil find, draws global focus to the area.
Venezuela’s warning signals the intricate interplay of exploration rights, national claims, and diplomacy at play.
This scenario points to potential hurdles for Exxon amidst a complex backdrop of regional geopolitics, stressing the importance of navigating sovereignty issues alongside economic pursuits.
Background
The Esequibo region, historically contested, reflects a broader struggle for control over South America’s vast natural resources.
Since Exxon’s discovery in 2015, the stakes have risen, drawing international investment and scrutiny.
This situation echoes colonial-era disputes, now intensified by modern economic demands and geopolitical strategies.
Venezuela’s economic challenges amplify its assertiveness over Esequibo, seeing it as crucial for national revival.
Guyana, on the other hand, views the region’s development as key to its economic future.
International mediation efforts, like those by Brazil, highlight the regional desire for stability.