Tensions Rise in Long-Standing Guyana-Venezuela Border Dispute Over Oil-Rich Region
• Venezuela claims it was cheated out of the Essequibo region in 1899 when boundaries were set by British colonizers and arbitration from the U.S. and Russia. Guyana says the boundary is legal.
• Oil was discovered in 2015 in disputed offshore waters near Essequibo, making control of the region more valuable. Guyana's oil industry has since boomed.
• Venezuela aims to use the dispute to drum up domestic political support ahead of 2023 elections, recently holding a referendum to claim sovereignty over Essequibo.
• Tensions are rising with Guyana warning Venezuela against encroaching on its territorial waters for oil exploration. The international community backs Guyana's sovereignty.
• Further escalation is expected from Venezuela, including potential naval exercises near Guyana, but full invasion of the remote region is unlikely. Both sides agreed to high-level talks proposed for this week.