Venezuela govt fans dispute with Guyana over oil-rich region

Subject :IR

Section: Places in news

Essequibo region:

Venezuela considered the Essequibo region of Guyana as their own territory since gaining independence from Spain in 1811.
It does not recognise the international border with Guyana decided in 1899, when Guyana was a British colony.
Essequibo region near the Atlantic coast is a territory larger than Greece and rich in oil and minerals.
In 2015, ExxonMobil found oil in commercial quantities off the Essequibo coast.
The Essequibo River is the largest river in Guyana and the largest river between the Orinoco and Amazon. Rising in the Acarai Mountains near the Brazil–Guyana border.

Guyana:

Guyana is the world’s fastest-growing economy (GDP growth of 62.3% in 2022) and is on track to grow by more than 100% by 2028. The growth is largely fueled by profits from its oil production and export sector.
It is a country on the northern mainland of South America.
Guyana is an indigenous word which means “Land of Many Waters”.
The capital city is Georgetown.
It is the third-smallest sovereign state by area in mainland South America after Uruguay and Suriname.
Bordered by the Atlantic Ocean to the north, Brazil to the south and southwest, Venezuela to the west, and Suriname to the east.

Venezuela:

Venezuela has the world’s largest known oil reserves and has been one of the world’s leading exporters of oil.
Capital and largest city- Caracas.
Colonized by Spain in 1522.
It was a part of the Republic of Colombia and separated as a full sovereign country in 1830.