The historical roots of the conflict between Venezuela and Guyana go back to 1899 when an international arbitration court awarded the largest territory of Essequibo to British Guiana. Since then, Venezuela has argued that the decision was unfair, and has tried several times to revise the terms of the decision. The dispute was unresolved for decades until the discovery of some 11 billion barrels of oil off the coast of Essequibo a few months ago revived Caracas' interest.
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