Venezuela expressed its decision to not participate in the procedure that the government of Guyana introduced before the International Court of Justice (ICJ) in relation to the territorial dispute over the Essequibo, its Foreign Ministry said in a statement Monday.

"The Venezuelan delegation has informed the president of the court, through a letter signed by the President of the Republic, Nicolás Maduro Moros, of its sovereign decision not to participate in the procedure that Guyana intends to initiate, since the Court manifestly lacks jurisdiction over an action unilaterally proposed by the neighboring country, which does not have the consent of Venezuela, "the statement said.

The decision was made after a meeting took place at The Hague between the Venezuelan delegation led by Vice President Delcy Rodríguez, accompanied by Foreign Minister Jorge Arreaza, along with President of the ICJ Abdulqawi Ahmed Yusuf.

Venezuela has claimed the region part of its territory for hundreds of years, but an agreement signed in 1966 by the United Kingdom, which was Guyana's then-colonizer, granted authority of the area to Guyana. Upon receiving independence, Guyana continued to claim the region, sparking a diplomatic conflict over the territory.

The dispute reemerged when Exxon Mobil Co. found massive oil reserves in the territory, and threw its weight behind Guyana, awarding contracts to begin drilling.