Venezuela's Maduro Explores Disputed Territory for Oil, Guyanese President Responds

Venezuelan President Nicolas Maduro plans to authorize oil exploration in the disputed territory around the Esequibo river, despite the ongoing territorial dispute with Guyana. This comes after a referendum where voters rejected the International Court of Justice's jurisdiction over the disagreement and supported the creation of a new state in the potential oil-rich region. The ICJ has barred Venezuela from taking any action that changes the status quo in the area. State oil company PDVSA and state iron and steel maker CVG will establish divisions for the disputed region and grant operating licenses for oil, gas, and mining exploration.