A potentially explosive tension between Guyana and Venezuela.
By a significant majority, Venezuelans have authorized the purchase of an oil-rich territory in neighboring Guyana. This is the most recent development in a protracted territorial dispute between the two nations, which has been stoked by the discovery of abundant energy resources in the disputed region.
The region under question, the heavily wooded Essequibo region, is about the size of Florida and makes up two thirds of Guyana's national territory. In the mostly symbolic referendum, voters in Venezuela were asked if they supported the establishment of a state in the Essequibo area, giving its residents citizenship, and adding that state to the map of Venezuelan territory. The Venezuelan National Electoral Council stated that more than 95% of voters selected "yes" for each of the five ballot issues at a news conference revealing the preliminary results of the first round of vote tallying.
These regions, which were inside Venezuela's borders during the Spanish colonial era, have long been claimed by Venezuela. Venezuela will not take any action that might alter the present state of affairs in the disputed area, according to a ruling made by the International Court of Justice, which has its headquarters in The Hague, prior to the vote.
On this matter, he intends to have a trial in the spring following years of investigation and decades of fruitless talks. Venezuela, however, rejects the Court's authority to hear the case. One of the referendum's questions called to reject the boundary set by the 1899 Paris arbitration ruling by any means, within the bounds of the law. Sure, 97.83% of respondents said, and no, 2.17%.
Essequibo has grown to be an offshore sanctuary for oil and gas companies in addition to having significant gold, diamond, and aluminum reserves. Exxon's discovery of hydrocarbon reserves off the coast has resulted in an unparalleled economic boom, with Guyana's GDP expected to increase by at least 62% by 2022 thanks to the black gold.
The long-term effect of this vote may be the de facto annexation of a large portion of Guyana by Venezuela, including 160,000 square kilometers.
The referendum also has an internal political component. In the year leading up to the presidential elections, Nicolas Maduro is attempting to rally support by capitalizing on the feeling of the electorate against the country.