Displaying items by tag: oil exploration

Guyana's vice-president, Bharrat Jagdeo, has issued a strong warning that his country will defend itself ‘by all and any means’ amid growing concerns that Venezuela's president Nicolás Maduro may attempt to annex a portion of Guyanese territory, particularly the mineral-rich Essequibo region. The current borders were agreed in 1899 after international arbitration. Guyana, a small nation, has historically relied on diplomacy and international law but is now exploring defence cooperation with allies, including the USA. Its army, with only 4,000 active personnel, would potentially face Venezuela's well-equipped, Russian-backed forces of over 350,000. Jagdeo also expressed concerns that the decision by the USA to ease sanctions on Venezuela may have emboldened Maduro in his threats. The border dispute has intensified since oil was discovered off Guyana's coast in 2015. Many believe that Maduro is seeking to shore up support domestically before the elections in 2024. Washington expects him to ensure a ‘free and fair’ vote as part of the sanction relief deal.