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Peaceful Agreement Reached in Venezuela-Guyana Border Dispute Peaceful Agreement Reached in Venezuela-Guyana Border Dispute

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Venezuela and Guyana have laid down their weapons and agreed that when it comes to the disputed Essequibo oil-rich region, fists will not fly.

At a press conference on the eastern Caribbean island of St. Vincent, following a meeting between the Guyanese President and Venezuela President NicolΓ‘s Maduro, the countries unveiled their newfound peace pact.

According to a statement at the press conference on Thursday evening, the countries β€œagreed that Guyana and Venezuela, directly or indirectly, will not threaten or use force against one another in any circumstances, including those consequential to any existing controversies between the two states.”

Both nations also pledged to form a joint commission of foreign ministers to address matters and provide an update to the presidents of the countries within three months.

Guyanese President Ali stated, β€œVenezuela and Guyana are dedicated to maintaining peace in their shared region” during the press conference.

Venezuela’s President Maduro, who recently ordered state-owned energy and mineral companies to begin granting exploration licenses for deposits in the oil-rich region, claimed he ordered foreign oil companies working in Essequibo to withdraw, although he has not sent any military forces to carry out his demands.

Despite the prior hostile statements by the South American countries, Venezuela and Guyana’s border dispute is not expected to escalate into a military conflict, as Chevron’s chief executive mentioned Monday, as per a Bloomberg report.

Exxon Mobil (XOM) CEO Darren Woods also added that the dispute between Venezuela and Guyana over Guyana’s Essequibo region likely won’t be resolved for a couple of years.

The ongoing conflict has drawn concerns from investors regarding the impact on Chevron’s (NYSE:CVX) planned $53 billion purchase of Hess (HES).

As a result, the Hess/Chevron gross deal spread narrowed to $10.56 on Thursday from a high of $13.75 a week ago.

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