Description: Official announcement from the Guayana Defense Forces stated that soldiers patrolling the disputed oil – rich Essequibo region came under fire three times from the Venezuelan military over the past 24 hours. The Essequibo region is part of a bilateral dispute between the two countries which unilaterally claim the territory according to accords dated from at least 1777. The dispute revived in 2015 when US oil giant ExxonMobil discovered huge crude oil deposits which gave Guayana the largest crude oil reserves per capita in the world. Venezuela ever since the discovery pledged the part of the territory as its own and vowed to hold independent elections in order to introduce the territory as its 24th state. The Guyanese defense forces stated that the armed confrontation was mostly defensive and neither side suffered casualties. The confrontation significantly escalated tensions between the two countries ever since their presidents agreed to avoid the usage of lethal force in 2023.
Impact: The surge in bilateral tensions between Venezuela and Guayana outlines the importance of the South American continent in the global and regional geopolitical power dynamics. The dispute around the Essequibo region further aggravates the security risk on the continent as multiple countries are faced with resurgence of gang violence, escalated drug trade and global economic uncertainty. The centuries – long dispute poses a significant security threat for the region as both countries contest the ownership of the territory unilaterally. Venezuela is globally isolated and suffers massive consequences on its economy due to the sanctions imposed from the US, the UK and other countries which oppose Maduro’s rule. Guayana’s territorial claims to the region are largely supported by the US which could lead to considerable escalation in the mid to long – term period.