Venezuela and Guyana have reached an agreement to refrain from using force in resolving their territorial dispute concerning the oil-rich Essequibo region. This understanding was reached following a tense meeting between the leaders of the two nations in the Caribbean.

Following a two-hour meeting on the Caribbean island nation of Saint Vincent and the Grenadines, Venezuela's Nicolas Maduro and Guyana's Irfaan Ali shook hands. An 11-point agreement was read aloud at a press conference following the meeting. The three-page declaration stated that Presidents Irfaan Ali of Guyana and Nicolás Maduro of Venezuela would "not threaten or use force against one another in any circumstances, including those consequential to any existing controversies between the two states" and "refrain, whether by words or deeds, from escalating any conflict."

Both countries also agreed that “any dispute between the two states will be resolved in accordance with international law.”

The two countries agreed to meet again in Brazil in the next three months “to consider any matter with implications for the territory in dispute” and create a joint commission to address the territorial spat.

The statement noted Guyana’s commitment to the procedures of the International Court of Justice (ICJ) for the resolution of the border controversy while Venezuela denied its consent and indicated its lack of recognition of the ICJ and its jurisdiction in the border controversy.

After engaging in discussions with Maduro, Guyanese President Irfaan Ali reiterated his dedication to regional peace. However, he emphasized Guyana's entitlement to exploit its sovereign space. Mr. Maduro, in a statement on X, said it had been an "excellent day of dialogue".

Essequibo amounts to more than two-thirds of the territory of Guyana and is home to 125,000 of its 800,000 citizens.

In recent weeks, tensions escalated following Venezuela's referendum earlier this month, raising concerns in Guyana that it might serve as a pretext for a territorial acquisition by establishing a Venezuelan state in the disputed region.

Venezuela insists Essequibo should be under its control because it was within its borders during the Spanish colonial period while Guyana says a border drawn by international arbitrators in 1899 means it is part of Guyana.

Venezuela renewed its claim to the land following the discovery of oil in waters off Essequibo's coast in 2015.

Earlier, Mr. Maduro had indicated a willingness to allow oil exploration in the disputed territory. However, Guyana has already forged agreements with investors, including major oil and gas companies like Exxon Mobil and Chevron.

Image source: AFP