Venezuela, Guyana presidents to meet amid territorial dispute

CARACAS (Reuters) – Venezuela’s President Nicolas Maduro is expected in Saint Vincent and the Grenadines on Thursday to meet with Guyanese President Irfaan Ali, amid high tensions over a dispute involving a potentially oil-rich border area.

Disagreement over the 160,000-square-km (62,000-square-mile) jungle region of Esequibo has run for decades, but Venezuela revived its claim, including to offshore areas, in recent years after major oil and gas discoveries.

The dispute is before the International Court of Justice, though a final ruling could be years away. Voters in Venezuela this month rejected the court’s jurisdiction and backed the creation of a new state in a referendum.

Guyana has questioned the vote’s turn-out and said its land border is not up for discussion, while political analysts in Caracas have said the vote was an attempt by Maduro to gauge support for his government ahead of 2024 presidential elections, and not a prelude to invasion.

Saint Vincent and the Grenadines Prime Minister Ralph Gonsalves, who also serves as president pro tempore of the Community of Latin American and Caribbean States (CELAC), is expected to host the meeting, which he announced over the weekend.

“We hope to achieve a relaxation of tensions and lower the aggressiveness of discourse by Guyana,” Venezuelan foreign minister Yvan Gil told journalists earlier this week, reiterating comments by Maduro and his allies that the vote gave them a mandate to control the Esequibo.

Guyana’s Ali has said his country will defend its sovereignty and its borders and that Venezuela should deescalate its advances toward Guyana.

Maduro said last week he would authorize oil exploration in the Esequibo, drawing Ali’s ire as the latter sought to reassure investors with projects already approved by the Guyanese government, including Exxon Mobil (NYSE:) and soon-to-be partner Chevron (NYSE:), that their investments are safe.

Offshore areas are responsible for the entirety of oil production in Guyana, whose economy is booming thanks to output, which is expected to double to more than 1.2 million barrels per day by 2027.

“We are not going anywhere — our focus remains on developing the resources efficiently and responsibly, per our agreement with the Guyanese government,” Exxon said this week, adding claims by Maduro’s government that it was involved in financing a plot to undermine the referendum are “ridiculous and baseless.”

Both Maduro and Ali have spoken with United Nations Secretary General Antonio Guterres about the dispute, South American countries last week urged a peaceful resolution and the United States’ has expressed “unwavering support for Guyana’s sovereignty.”

Brazil’s leftist President Luiz Inacio Lula da Silva has called for dialogue and is expected to send a representative.

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