Venezuela Passes Law Establishing New State In Disputed Region Days After ExxonMobil Announces Latest Find

In a move that intensifies the longstanding territorial dispute between Guyana and Venezuela, Venezuelan lawmakers have thrown a fresh spark into the tinderbox by approving President Nicolas Maduro's ambitious plans to establish the state of Guayana Esequiba.

On Tuesday, ExxonMobil announced the discovery of a new cache of oil and gas in the Stabroek block, an area offshore the Essequibo region which is the subject of a recently re-ignited territorial dispute between Guyana and Venezuela.

On Thursday, Venezuelan lawmakers approved President Nicolas Maduro's plans to create the state of Guayana Esequiba in the region that currently makes up approximately two-thirds of Guyana's territorial landmass.

In December, Maduro defied an earlier ruling by the International Court of Justice and held a referendum which reportedly resulted in an overwhelming mandate to annex the resource-rich region long claimed by Venezuela. Days later, following questions about the validity of the polling results and a show of strength via joint Guyanese-United States military operations, the leaders of the two nations met in St. Vincent and committed to the peaceful resolution of the border dispute.