• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Solar Panel Waste is Becoming a Big Problem

Solar Panel Waste is Becoming a Big Problem

Despite regulations mandating proper disposal,…

UK Battery Storage Firms Wrestle with Financial Turmoil

UK Battery Storage Firms Wrestle with Financial Turmoil

UK battery storage investment trusts,…

Venezuela Orders “Immediate” Start of Oil Exploration in Disputed Territory

Venezuela’s president, Nicolas Maduro, has ordered the immediate start of exploration and exploitation of oil reserves in the Essequibo region—the disputed territory that Venezuelans voted to annex.

Per an AP report, President Maduro said that he is “to grant operating licenses for the exploration and exploitation of oil, gas and mines in the entire area of our Essequibo.” 

He also issued an order for the creation of local subsidiaries of the state oil and mining companies, PDVSA and Corporacion Venezolana de Guayana.

The Venezuelan parliament has yet to pass a law establishing Venezuela’s jurisdiction over the Essequibo region, which represents two-thirds of the territory of Guyana and is where its oil riches are concentrated.

Guyana has refused to accept the results of the Venezuelan referendum, saying it was an attempt at annexing most of its territory, even after the International Court of Justice ruled that Essequibo is part of Guyana. Venezuela’s government has said it does not recognize the jurisdiction of the ICJ on the matter.

Essequibo used to be part of Venezuela during its colonial period but at the end of the 19th century an international arbitration gave the land to Guyana, then a British colony. Venezuela has never accepted the arbitration decision but for most of the time since it was made it has not acted on its grievance.

Following last weekend’s referendum, Guyana said it will reach out to the UN Security Council for help if Venezuela takes any further steps to establish control over the Essequibo region.

The Attorney General of the former British colony told the AFP that "any action or any attempt to take any action pursuant to the referendum will necessitate a resort to the UN Security Council as an injured party."

ADVERTISEMENT

As Maduro yesterday announced the set-up of a Comprehensive Defense Operational Zone for the Essequibo region, Guyana’s Attorney General said that "In terms of military, it (the UNSC) can authorise the use of armed forces by member states to assist in the enforcement." 

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • john morales on December 09 2023 said:
    Actually the arbitration that led to the UK obtaining the Venezuelan territory that became Guyana who was corrupt from the start. Clear and convincing evidence is available that shows the UK conspired with the tribunal to award the land to its colony.

    So the situation is not just a case of Venezuela rejecting the arbitration. It's a case of Venezuela rejecting arbitration that was fixed by the corrupt officials of the UK working with that tribunal.

    Unfortunately Venezuela waited too long to make its claim. Now Gianna is considered a nation in its own right and a military attempt to take that land would violate international law as it's now interpreted

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News