Members of the Venezuelan army. On Thursday, March 21, 2024, Venezuelan lawmakers approved President Nicolas Maduro's plans to create the state of Guayana Esequiba in the region that currently makes up approximately two-thirds of Guyana's territorial landmass. Photo: VIC

In December, Maduro defied an earlier ruling by the International Court of Justice and held a referendum which reportedly resulted in an overwhelming mandate to annex the resource-rich region long claimed by Venezuela. Photo: Internet Source/File

On Tuesday, March 19, 2024, ExxonMobil announced the discovery of a new cache of oil and gas in the Stabroek block, an area offshore the Essequibo region which is the subject of a recently re-ignited territorial dispute between Guyana and Venezuela. 

On Thursday, March 21, 2024, Venezuelan lawmakers approved President Nicolas Maduro's plans to create the state of Guayana Esequiba in the region that currently makes up approximately two-thirds of Guyana's territorial landmass.

Defiant Maduro

In December, Maduro defied an earlier ruling by the International Court of Justice and held a referendum which reportedly resulted in an overwhelming mandate to annex the resource-rich region long claimed by Venezuela. Days later, following questions about the validity of the polling results and a show of strength via joint Guyanese-United States military operations, the leaders of the two nations met in St. Vincent and committed to the peaceful resolution of the border dispute. 

The Joint Declaration of Argyle for Dialogue and Peace Between Guyana and Venezuela, among other things, called for the immediate establishment of a joint commission to address matters and submit an update on its progress within three months. 

This week's move by the Venezuelan legislature comes just around that three-month deadline, and is certain to fan the flames of the dispute once again. Contrasted against the timing of ExxonMobil's declaration, the connections are impossible to ignore. 

No response from Guyana as yet

The oil and gas company's new well, dubbed Bluefin, joins more than 30 other finds in the Stabroek block since 2015. All told, there may be up to 11 billion barrels of recoverable hydrocarbons in the block, marking the area as a major asset to ExxonMobil as well as to the country which controls the surrounding territory.

Guyana has not yet issued a formal response to Venezuela's new law establishing the state of Guayana Essequibo, which is slated to go into effect as soon as it is published in Venezuela's official gazette.