oil & gas

Venezuelan President Nicolás Maduro has said that Venezuela will begin issuing licenses for natural gas and oil exploration and extraction in the Essequibo region, where Venezuela and Guyana have a long-standing territorial dispute. Venezuela held a referendum on December 3 regarding the territorial ownership of the Essequibo region. A majority of citizens voted in favor of annexing the region to Venezuela. According to the Chairman of Venezuela’s Central Election Commission, more than half of voters participated in the referendum, and 95% of voters expressed support for the government’s claim for sovereignty. The Essequibo region, where there is a territorial dispute, is rich in oil resources and accounts for two-thirds of Guyana's territory.

"I propose to all these companies three months to complete their operations in undemarcated seas, three months," Maduro said at a meeting broadcast by the Venezuelan government on social media. "We are open to negotiations. Just We need to talk carefully. With an attitude of respecting international law, respecting the law, and respecting good neighbors."