By: Staff Writer
March 4, 2025
On Saturday, Venezuelan coast guard vessels entered Guyana’s waters near Exxon Mobil Corp.’s offshore drilling site and transmitted a radio message claiming it was patrolling a “disputed international” maritime zone.
The move elicited regional condemnation from the Organization of American States (OAS), to CARICOM.
Guyanese President Irfaan Ali, in a televised address, said Guyana was hurriedly notifying all of its international allies, including the Trump administration, and had summoned Venezuela’s ambassador in the capital, Georgetown, to lodge a formal protest.
“This incursion is a matter of grave concern,” Ali said. “Guyana’s maritime boundaries are recognized under international law. This is a serious development concerning our nation’s maritime territory. We will not tolerate threats to territorial integrity.”
The Trump administration, which this week took swift action to tighten sanctions on Venezuelan President Nicolás Maduro’s government, immediately echoed Ali’s concerns.
“Further provocation will result in consequences for the Maduro regime,” the U.S. State Department said on X.
The US and an OAS have supported Guyana from the start, condemning Venezuela’s actions.
Describing the incident as a threat to ExxonMobil’s oil operations in Guyana’s internationally recognised maritime territory, the OAS statement said: “Such acts of intimidation constitute a clear violation of international law, undermine regional stability, and threaten the principles of peaceful coexistence between nations. The OAS reiterates its steadfast support for Guyana’s sovereignty and territorial integrity. The Venezuelan regime must immediately cease all aggressive manoeuvres that could escalate tensions in the region.”
The US Department of State bureau of western hemisphere also reaffirmed its support for Guyana’s territorial integrity, adding that “further provocation will result in consequences for the Maduro regime”.
The Maduro regime is also facing other economic problems as the Trump administration made a decision to cancel the license for the multinational Chevron to operate in Venezuela threatens a serious budgetary imbalance that augurs new economic storms.
After successive political crises and economic devastation over the past 25 years the Venezuelan economy, with its industry and export apparatus at historic lows, is even more dependent on its oil and petrochemical revenues. After a period of relative stability, the official exchange rate has depreciated by 81% since September. A year ago, one U.S. dollar was valued at 36 bolivars. Today, it is 64. The differential between the official dollar and the parallel one, which is already sold at 73 bolivars, shows a gap of 27%, with a tendency to grow.