The Gulf is located in the north ofSouth America, betweenParaguaná Peninsula of theFalcón State to the east in Venezuela and theGuajira Peninsula inColombia to the west. It is connected to the south toMaracaibo Lake through an artificial navigationcanal. Colombia and Venezuela have had a longstanding dispute over control of the gulf that has not been resolved, despite the decades-long negotiations conducted by a bilateral commission.
The gulf was first seen by Europeans in 1499, when an expedition commanded byAlonso de Ojeda, in which he was accompanied byAmerigo Vespucci, explored the Venezuelan coasts. They compiled information and named the new lands; this expedition arrived at the gulf after passing through theNetherlands Antilles and the Peninsula of Paraguaná.
These waters are important because they connect theCaribbean Sea toLake Maracaibo in Venezuela, an important source ofcrude petroleum. Their industry uses the gulf to ship products from their wells and refineries in Lake Maracaibo to the world markets.[1]
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