Specifically, the situation with Guyana - I've heard people say they're protecting them from foreign exploitation, and I've heard people say that they're conducting what ultimately amounts to imperialism. Is either view true, or is there more to it?
The region is controlled by Guyana, which is a puppet regime of the US. Exxon mobile currently has operations in the region, which has a high risk of being environmentally devastating. Nobody wants them to be there except the US and Guyana by extension.
https://ieefa.org/resources/exxonmobil-loses-key-case-guyana-oil-controversy-over-insurance
The region is currently disputed between Guyana and Venezuela, over some old borders the British drew up. So, Venezuela is using that to send cease and desist letters to Exxon.
The US not only has interest in the area over Exxon Mobil but also they want to annex Venezuela and replace the Maduro gov.
https://en.ultimasnoticias.com.ve/news/politics/true-objective-of-the-us-is-the-military-annexation-against-venezuela/
And as such, the US IS ready to build a military base in the disputed region to start operations.
https://tass.com/world/1679611
https://ultimasnoticias.com.ve/noticias/esequibo/venezuela-denuncia-imprudencia-de-guyana-que-agrava-la-controversia/
And THAT is why there’s discussion about how Venezuela wants to annex the region.
Upon further research, the areas of dispute are maritime borders, within Venezuela’s exclusive economic zone.
https://en.m.wikipedia.org/wiki/Exclusive_economic_zone#/media/File%3AMap_of_the_Territorial_Waters_in_the_Caribbean.png
https://jpt.spe.org/stabroek-block-bounty-off-guyana-gets-bigger
So, in addition to the above, Exxon is stealing Venezuela’s oil reserves.
Superimposed maritime boundaries to oilfield blocks.
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This article was posted in the megathread this week and provided a lot of background context on the situation
From the article linked by @BidensGranddaughter
The move is largely seen by Maduro’s critics as an attempt to shore up domestic support at home and is also a response to Guyana’s increasingly close military ties with the US . Caracas insists that the referendum is purely consultative and non-binding, and that it has no intention of annexing the territory. But at the same time it is increasing its military activity close to the border with Essequibo, ostensibly to combat illegal mining activities.
and
The government of Guyana is also raising the stakes. Up until last week it had repeatedly denied allegations from Caracas that it was planning to invite US Southern Command to set up a forward operating base in Essequibo. But then last Friday the country’s Vice President Bharrat Jagdeo said in a press conference:
“We have never been interested in military bases, but we have to protect our national interest… We’re going to be working with a number of countries on greater defence cooperation. We will have from the US Department of Defence next week two visits to Guyana, by two teams . And then several other visits in the month of December and then high level representation from the Department of Defence here.”
...That territory is not only rich in oil and gas but also boasts other mineral deposits, including Gold and Bauxite...
The US and Guyana already signed an agreement in 2020 to undertake joint military patrols in the Essequibo region, ostensibly for “drug interdiction” ...
