Why Oil-Rich Venezuela Wants Guyana's Oil

In April 2024, President Nicolás Maduro approved a referendum to annex the oil and mineral-rich region of Essequibo. The only problem is that Essequbio makes up two-thirds of Guyana, and they’re not going to give up that land so easily. While the long-standing territorial dispute between Venezuela and Guyana dates back more than a century, the issue escalated in 2015. That’s when ExxonMobil discovered oil off the coast of Guyana. This prompted Venezuela to revive an old debate over Guyana's territorial claims to Essequibo. Despite efforts by international bodies like the UN to mediate, and Venezuela and Guyana agreeing not to use force to settle the dispute, tensions remain high.

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