Venezuela x Guyana: What happens after the referendum is approved
On Tuesday (5), Venezuelan President Nicolas Maduro announced a series of measures related to the issue and proposed a law to create the province of “Guiana Esquipa”, annexing the territories belonging to Guyana.
Ivan Ali called Maduro’s actions a “flagrant disregard” of the International Court of Justice ruling, which ruled that Venezuela could not attempt to annex Essequibo territory.
“The Guyanese Defense Forces are on high alert. Venezuela has clearly declared that it is an outlaw state,” the President of Guyana said.
Ali also stated that he spoke with UN Secretary-General Antonio Guterres. The possibility of summoning the Security Council by the country’s authorities was previously discussed if the situation escalates.
It is estimated that Guyana’s reserves amount to 11 billion barrels, the most significant portion of which is located offshore, i.e. in the sea near Essequibo. Because of oil, Guyana is the fastest growing country in South America in recent years.
A consortium led by ExxonMobil began producing oil off the coast of Guyana in late 2019, and exports began in 2020.
Guyana’s president said investors in the country have nothing to worry about.
“Our message is very clear: your investments are safe,” he said. “Our international partners and the international community are ready and have assured us of their support.”
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