GEORGETOWN, Guyana (GINA): Guyana is being eyed by Russian entrepreneurs for oil exploration and, with a favourable conclusion to the arbitration process between Guyana and Suriname over the delineation of the maritime boundary, President Bharrat Jagdeo is expecting the onset of seismic activities.

At a recent press conference, the Head of State divulged that several Russian businessmen are interested in investing in oil exploration in Guyana.

"Our economy is open for investment in every area," Jagdeo told them, but highlighted that consideration has to be given to the licences already issued.

Discussions on investment potential in Guyana were facilitated during the Head of State"s visit to the Russian Federation last month.

"I have promised that when the various groups come into Guyana they will have a meeting with the Guyana Geology and Mines Commission (GGMC) to see what blocks are available," the President added.

The age-old maritime dispute between Guyana and neighbour Suriname will be settled this year when the Hamburg-based United Nations International Arbitral Tribunal on the Law of the Sea makes its ruling.

"We are hoping that as soon as we have a ruling on the arbitration, we may see exploratory activities in the particular block bordering Suriname. We do not want to pre-judge the decision of the tribunal, and at this point, we have to be very respectful, but we feel that as soon as that matter is settled, which should be shortly, there should be a boom in the interest for oil."

President Jagdeo said there are a few blocks available, both on and offshore, but a significant part of the maritime area has already been issued.

According to GGMC, four companies are licensed to undertake exploratory work in Guyana: Exxon-Mobil, Repsol, Century Guyana Limited and CGX Energy Incorporated. There are still large areas in the offshore and the Takutu Basins available for investment.

"Our expectations are that some of those companies would move to do seismic activities and some to actually drill exploratory wells," the President said.

CGX Energy Inc. had commenced offshore exploration in 2001 in the Corentyne River, but operations were halted when Surinamese gun-boats disrupted the operations.