The Nobel Peace Prize has been awarded to Venezuelan opposition leader María Corina Machado.
Chair of the Norwegian Nobel Committee, Jørgen Watne Frydnes, made the announcement in Oslo on Friday morning local time.
"She is receiving the Nobel Peace Prize for her tireless work promoting democratic rights for the people of Venezuela and for her struggle to achieve a just and peaceful transition from dictatorship to democracy," Frydnes said.
"In recent times, Ms Machado has been a key unifying figure in a political opposition that was once deeply divided, an opposition that found common ground in the demand for free elections and representative government.
"This is precisely what lies at the heart of democracy, our shared willingness to defend the principles of popular rule, even though we disagree."
Frydnes said Machado had been forced into hiding but remained in Venezuela, a choice which "inspired millions".
"When authoritarians seize power, it is crucial to recognise courageous defenders of freedom who rise and resist," he said.
"Democracy depends on people who refuse to stay silent, who dare to step forward despite grave risk, and who remind us that freedom must never be taken for granted, but must always be defended with words, with courage and with determination."
There had been significant interest in this year's prize after US President Donald Trump was nominated by Israeli Prime Minister Benjamin Netanyahu.
Pakistan also nominated Trump, while the leaders of several African countries paid tribute to his supposed peacemaking efforts in a visit earlier this year.
Experts on the award earlier told SBS News Trump was unlikely to win, noting his "peacemaker" claims were exaggerated and expressing concerns over the consequences of his "America First" policies.
The announcements of Nobel prize winners are announced over a week. It started with the award for medicine or physiology on Monday and will end with the unveiling of the winners in economics next Monday.
The awards, which are also handed out for outstanding achievements in physics, chemistry and literature, come with a prize amount of 11 million Swedish crowns (around $1.75 million) and bestow instant fame on recipients.
This is a developing story and this article will be updated.
