Occurring during high tensions, Guyanese President Irfaan Ali met with his Venezuelan counterpart President Nicolas Maduro. The meeting is regarding a potentially oil-dense region, which the countries are disputing over. The region in question, Esequibo, is a jungle region claimed by Venezuela, stretching 160,000 km and recently was discovered to produce natural oils and gas. Although the region is in Guyana, Venezuela claims it as its own. The dispute was heard by the International Court of Justice, yet the final ruling takes years to complete. So, this month Venezula voters rejected the court’s jurisdiction and are pushing for the creation of a new state in a referendum. However, many see the vote as a ploy for Maduro to gain votes in the upcoming 2024 presidential election. Maduro has since allowed for exploration in Esequibo, assuring investors such as Exxon Mobil and Chevron that their investments/partnerships are secured. On the other hand, offshore oil is the sole oil production of Guyana, causing its economy to boom, expected to triple to more than 1.2 million barrels per day by 2027.
In regions where oil is a dispute, it can make or break countries’ relations and diplomacy. Countries are constantly competing to stay afloat economically or to rebuild, which is evident in this case. Both Guyana and Venezuela are aiming to reap profit from the oil-dense region. To better the people of their countries through their economy, countries do what is in their self-interest. So, although Guyana already has a claim to the land, Venezuela seeks a foothold, potentially due to Guyana already being established in the oil industry in the region. Historically, these two countries have had disputes over the region, yet the region lies officially in Guayana. The country would be less than half of its current size if the region were to be a separate state or become a part of Venezuela.
The dispute over Esequibo could cause national security concerns for surrounding countries and even countries like the United States. The 125,000 inhabitants of the region could very well be unhappy with the outcome of the region’s claims, causing them to migrate. Although many of these inhabitants will not have ill intent when migrating, the destination country can have a hard time differentiating the criminals from the honest people. Furthermore, on an individual level of analysis, it is seen that the president of Guyana and the president of Venezuela are acting in their self-interest. They are both trying to improve their country’s economics in commerce or staking the claim to land that they deem rightfully theirs.