Guyana and Venezuela have agreed not to use force to settle a border dispute over the oil-rich Essequibo region which they both lay claim to.
This was the highlight of a joint statement after the Guyanese and Venezuelan leaders met on the island.
Guyana and Venezuela “directly or indirectly will not threaten or use force against one another in any circumstances, including those consequential to any existing controversies between the two states,” the statement said.
Venezuela recently revived its territorial claim over the region after US energy conglomerate ExxonMobil discovered a significant amount of oil in Essequibo’s offshore waters in 2015, transforming Guyana into the world’s fourth-largest offshore oil producer.
President Nicola Maduro had pressed the claim after 95% of voters in a referendum supported Venezuela declaring itself the region’s rightful owner, and ordered the state oil company to issue licenses for extracting crude in the region.
