Venezuela-Guyana Border Dispute and the Geopolitics of Essequibo Oil Reserves

Background: The escalation of territorial claims over the Essequibo region between Venezuela and Guyana following the 2023 referendum and subsequent diplomatic exchanges has drawn significant international attention due to substantial offshore oil discoveries and broader regional security implications. Aims/objectives: This study examines how resource discovery has intensified the long-standing territorial dispute and influenced the diplomatic responses of regional and international actors, including CARICOM and the United States. Method: A qualitative case study approach was employed, analyzing International Court of Justice proceedings, regional organization statements, and media coverage of diplomatic exchanges between 2023 and 2024. Results: Findings indicate that oil revenue projections have hardened both parties' negotiating positions, while CARICOM's collective diplomatic support for Guyana demonstrated the bloc's capacity for coordinated regional action despite limited material leverage over Venezuela. International court rulings provided procedural constraints but lacked enforcement mechanisms capable of altering ground realities. Conclusion: The research concludes that resource-driven territorial disputes in the Western Hemisphere increasingly intersect with broader great power competition, as both Russia and the United States signaled strategic interest in the outcome. Sustained reliance on international legal mechanisms, combined with regional diplomatic pressure, remains the most viable pathway toward peaceful resolution of the dispute. The case also illustrates how resource discovery can rapidly transform a dormant territorial claim into an active geopolitical flashpoint.

Keywords: Essequibo dispute, Venezuela, Guyana, territorial conflict, resource geopolitics