Name: Why Venezuela Wants to Annex Over Half of Guyana | WSJ（Why Venezuela Wants to Annex Over Half of Guyana | WSJ）
Uploaded: 2024-02-25T03:05:33.000Z
Duration: 6 min 15 s
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adding an area the size of Florida to its territory.

But this land called the Essequibo belongs to Guyana,

Venezuela has laid claim to the Territory

trying to understand more about President Maduro's plans

to take over this land and what it means in this region

But Venezuela protested saying the Essequibo

was part of its Territory under Spanish rule.

Tensions between the two countries intensified in 1966

when Guyana gained independence from Britain.

through the International Court of Justice,

The Essequibo makes up two thirds of Guyana

The Territory has large reserves of gold and diamonds

- [Kejal] But a turning point came in 2015

when oil was found off the Essequibo Coast.

said it has discovered up to 11 billion barrels of oil

this was the largest discovery of the decade.

It could give the country the highest oil output per capita

in the world ahead of oil-rich Kuwait and Saudi Arabia.

- Guyana it's interesting because it is a new producer.

and it's a not OPEC member, which is very important.

And it includes it's possibility to already

deliver oil to the market in a market that is restricted

because of all the sanctions that exist to Russia.

- [Kejal] Because of its new found oil revenues,

Guyana went from one of South America's poorest countries

to having one of the world's fastest growing economies.

on average about 5 to $6 billion per annum by 2035.

- But Venezuela's president Nicolas Maduro

While Guyana reaps from the oil windfall.

Nearly 8 million Venezuelans have fled in the past decade.

Hundreds of thousands of them wound up in the US.

In order to oust Maduro, the US imposed sanctions

The Biden administration agreed to temporarily lift

some economic sanctions on Venezuela in October

which include allowing opposition candidates

to run in this year's presidential election.

US officials said that allowing more oil and gas money

to flow in could help stabilize Venezuela

But when it comes to the Essequibo dispute,

The State Department said it supports Guyana,

with officials from the US Defense Department

approved annexing Essequibo in a referendum.

especially in a country where the government

has been accused of widespread electoral fraud

Maduro ordered the country's state-owned companies

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Why Venezuela Wants to Annex Over Half of Guyana | WSJ（Why Venezuela Wants to Annex Over Half of Guyana | WSJ）

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