Venezuela and Guyana presidents will meet amid territorial disputes.

Nicolas Maduro, the President of Venezuela, is scheduled to visit Saint Vincent and the Grenadines on Thursday to meet with Irfaan Ali, the President of Guyana. This meeting comes when emotions are high due to a disagreement involving a border region that might be rich in oil.

For decades, there has been a disagreement about the rainforest region of Esequibo, which spans an area of 160,000 square kilometers (62,000 square miles). However, Venezuela has recently resurrected its claim, including to offshore regions, following the discovery of significant oil and gas reserves.

The International Court of Justice is currently hearing the matter; however, it may take several years to make a decision. During this month, voters in Venezuela rejected the court’s jurisdiction and supported the establishment of a new state in a referendum.

Meanwhile, political experts in Caracas have stated that Maduro’s vote was an attempt to measure support for his regime ahead of the presidential elections in 2024 and not a prelude to an invasion. Guyana has questioned the poll turnout and stated that its land boundary is not negotiable.

Ralph Gonsalves, the prime minister of Saint Vincent and the Grenadines and the current president pro tempore of the Community of Latin American and Caribbean States (CELAC), will host the summit. Gonsalves announced it over the weekend.

In an interview with the media earlier this week, Venezuela’s Foreign Minister, Yvan Gil, reiterated statements made by Maduro and his supporters, stating that the vote gave them a mandate to govern the Esequibo. “We hope to achieve a relaxation of tensions and lower the aggressiveness of discourse in Guyana,” Gil said.

Ali, the leader of Guyana, has stated that his nation will preserve its sovereignty and boundaries and that Venezuela needs to slow down its advances into Guyana.

Ali was trying to tell investors with projects already sanctioned by the Guyanese government, such as Exxon Mobil and Chevron, that their investments are secure. Maduro said last week that he would permit oil drilling in the Esequibo, which drew Ali’s ire. Ali was trying to reassure investors that their investments were safe.

Guyana’s economy is thriving due to the country’s oil production, which is predicted to quadruple to more than 1.2 million barrels per day by 2027. Offshore areas are responsible for the majority of Guyana’s oil production.

“We are not going anywhere; our focus remains on developing the resources efficiently and responsibly, as per our agreement with the Guyanese government,” Exxon said this week. This week, the company also stated that claims made by Maduro’s government that it was involved in financing a plot to undermine the referendum are “ridiculous and baseless.”

In the last week, South American nations have encouraged a peaceful settlement to the disagreement, and the United States has voiced “unwavering support for Guyana’s sovereignty.” Maduro and Ali have discussed the problem with Antonio Guterres, the United Nations Secretary-General.

It is anticipated that Luiz Inacio Lula da Silva, the socialist president of Brazil, will send a delegate to participate in the debate he has called for.