GEORGETOWN, Guyana (CMC):

A Spanish petroleum firm says it will invest US$65 million in oil exploration in Guyana but is awaiting the much-anticipated United Nations Arbitration Tribunal ruling in the long-standing maritime boundary dispute with neighbouring Suriname.

"We're just waiting for the border resolution and, as soon as that's resolved, we're ready to go forward and start working because we don't make money until we find oil, and the sooner we get the seismic out of the way, we can drill a well," said Allan Keane, Repsol's geophysical adviser.

In a statement posted on the company's website, Keane said a seismic survey of the most-promising portion of the concession could cost US$15 million and, based on their findings, the company is prepared to invest a further US$50 million to drill an exploratory well.