New Flashpoint? The Stabroek Oil Block

The dispute over the Essequibo region between Venezuela and Guyana has been going on for over a hundred years. The origins of the dispute date back to colonial times, when the Spanish and Dutch empires laid claim to the region. In 1899, an arbitral award was issued confirming the territory to belong to Guyana. However, Venezuela has never recognized this and continues to insist on its claims to the resource-rich region. In a recent referendum, the majority of the Venezuelan population voted to approve of this position. In Guyana, fears of a violent annexation are now growing. Guyana has no realistic means to oppose Venezuela's militarily and would therefore be dependent on international assistance.

Venezuela's President Maduro cites a historic agreement with the United Kingdom in 1966 - just a few months before the then colony of British Guiana became independent. However, his interest in the region is more likely of an economic nature. In 2015, the oil company ExxonMobil discovered several oil fields with a total capacity of around ten billion barrels off the coast of Guyana. Since then, Guyana has been producing large quantities of oil and, like its neighboring country, is increasingly developing into a petrostate. Guyana has enjoyed high economic growth in recent years, while Venezuela has had to contend with ongoing crises. By taking over the Essequibo region, Maduro would also gain control of large parts of this so-called 'Stabroek block'.