Venezuela urges “good faith” talks with Guyana over oil-rich Essequibo dispute

Wednesday 18 February 2026 - 09:30

By: Sahili Aya

Venezuela urges “good faith” talks with Guyana over oil-rich Essequibo dispute

The government of Venezuela called Tuesday for a “negotiation in good faith” with neighboring Guyana to resolve their long-standing territorial dispute over the vast Essequibo region, a contested territory rich in oil and other natural resources.

Essequibo, a 160,000-square-kilometer area administered by Guyana for more than a century, has become the focus of renewed diplomatic tensions in recent years, especially after major offshore oil discoveries that have boosted Guyana’s economy and attracted international energy companies. Its status has been the subject of legal and political contention, and the case is being considered by the International Court of Justice, which has ordered both countries to refrain from actions that might alter control over the territory while proceedings continue.

In a statement on Tuesday, the Venezuelan interim government said that “the only possible way to resolve the territorial dispute is to definitively embark on negotiations in good faith,” signaling a willingness to engage diplomatically rather than pursue unilateral actions. This marks the first formal declaration by the current authorities on the issue following political changes in Caracas.

Tensions date back to colonial boundary decisions and were reignited when significant oil resources were found off the Essequibo coast. Guyana has maintained that its internationally recognized borders — based on colonial arbitration awards — are legally binding and that it will defend its sovereignty through international law and cooperation with partners.

The dispute has drawn regional and international attention due to the scale of resource wealth involved and the potential for broader geopolitical implications. While the call for dialogue signals a diplomatic opening, analysts stress that achieving a negotiated settlement will require sustained commitment from both sides and respect for legal processes already underway.