Venezuela Maintains Claim Over Guyana's Offshore Oil Amid Political Shuffle

Guyana pushes forward with exploration plans despite Venezuela's objections, raising tensions in the region.

Mar. 13, 2026 at 6:58pm

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Despite a regime change in Venezuela, the new government under Delcy Rodríguez has maintained the country's longstanding claim over the Essequibo region of Guyana, which includes the offshore Stabroek oil and gas development. Guyana has rejected Venezuela's objections, reaffirming its rights over the maritime areas. The dispute threatens to escalate as Guyana moves forward with a new exploration program, while Venezuela warns it will not recognize any Guyanese activities in the "undefined" maritime spaces.

Why it matters

The dispute over the Essequibo region and its offshore oil and gas resources has been a source of tension between Guyana and Venezuela for decades. With Guyana accelerating its upstream development plans, the issue has taken on renewed geopolitical significance, as the two countries assert competing claims over the maritime boundaries and resources.

The details

Venezuela's new government under Delcy Rodríguez has called for "good faith negotiations" over the Essequibo dispute, but has maintained the country's longstanding territorial claim. In response to Guyana's approval of a new shallow-water exploration program, Venezuela has demanded that Guyana halt the activities, stating it will not recognize any Guyanese concessions or licenses in the "undefined" maritime areas. Guyana has firmly rejected Venezuela's objections, reaffirming its rights over the maritime zones as defined by the 1899 Arbitral Award.

  • In March 2025, a Venezuelan naval vessel incurred into Guyanese waters and approached a Stabroek FPSO.
  • In recent days, Venezuela has objected to Guyana's announcement of a new shallow-water exploration program.

The players

Delcy Rodríguez

The current president of Venezuela, who has maintained the country's claim over the Essequibo region of Guyana.

Nicolás Maduro

The former president of Venezuela, who had previously escalated tensions with Guyana over the Essequibo dispute.

Guyana

The South American country that has rejected Venezuela's claims over the Essequibo region and is pushing forward with offshore oil and gas development in the area.

ExxonMobil

The Houston-based oil and gas company leading the development of Guyana's offshore Stabroek block, which is located in the disputed Essequibo region.

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What’s next

The dispute over the Essequibo region and its offshore resources is likely to continue, with Guyana pushing forward with its exploration and development plans and Venezuela maintaining its territorial claim. Engagement by the US and other international actors could help facilitate a resolution to the longstanding dispute.

The takeaway

The ongoing tensions between Guyana and Venezuela over the Essequibo region highlight the complex geopolitical dynamics surrounding offshore oil and gas development in the region. The dispute threatens to escalate as Guyana seeks to monetize its hydrocarbon resources, while Venezuela remains steadfast in its territorial claim, underscoring the need for diplomatic solutions to resolve such transboundary resource conflicts.