Venezuela's reservation of Article

Venezuela's reservation of Article 6 on Continental Shelf Delimitation. The broader, external dichotomy is between customary international law and treaty law. Even thought Colombia and Venezuela did not ratify UNCLOS, the countries may still be bound by some of its provisions, because those principles have become part of customary international law. Furthermore, Venezuela's reluctance to accept compulsory jurisdiction by the ICJ and Colombia's withdrawal of consent in 2001 make it unlikely that both nations will agree to submit the dispute for international arbitration.
Thus far, bilateral negotiations to resolve sovereign rights in the Gulf of Venezuela have borne little fruit. However, the current political leaders for both states have made oil a national priority. Oil-rich Venezuela's need to construct oil and gas pipelines through Colombia and Colombia's imminent need for oil suggest increasing interdependence. Thus, cooperation and a greater normalization of their relations are needed. Moreover, the rumors of Venezuela licensing for oil exploration in the Gulf indicate that the time is ripe to begin negotiations for a joint development zone to avoid a military conflict in the region.