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The discovery of vast oil deposits is blamed for reigniting a decades-old territorial dispute between Venezuela and Guyana that fast worsened as Guyana started granting licenses to multinationals to exploit crude in waters claimed by both countries.

The United States announced joint military flight drills in Guyana on Thursday as soaring tensions over a contested oil-rich region with neighbor Venezuela prompted the UN Security Council to call an urgent meeting.

Guyana said Monday it would remain "vigilant" after Venezuelans voted overwhelmingly in favor of claiming an oil-rich border region that makes up more than two-thirds of its territory.

The Maduro regime is threatening to destabilize the Caribbean in a bid for offshore oil reserves, in a move likely to invite back crippling US sanctions.

About 10.5 million of Venezuela's 20.7 million eligible voters took part in the consultation

Disputed territory of Essequibo is larger than Greece, rich in minerals and gives access to part of the Atlantic boasting oil in commercial quantities

Venezuelan President Nicolas Maduro is organising a referendum on Sunday to decide whether to create a new state in the Essequibo territory, an area currently under the control of neighbouring Guyana. Does Caracas have the means for its territorial ambitions, or is it just political grandstanding?

Even though the voting is not binding, tensions are running high between the countries given the rhetoric by Maduro's government

Venezuela on Sunday will hold a referendum that it hopes will strengthen its century-old claim to the oil-rich Essequibo territory controlled by neighboring Guyana.