US surveys suggest the border area may hold recoverable oil reserves of roughly 15 billion barrels.

The two countries will have access to the area -- called the Guyana-Suriname Basin -- which is believed to rich in oil and gas deposits but Guyana has received the greater share.

The President of Suriname, Ronald Venetiaan said his government was delighted and relieved that the maritime dispute with Guyana has been settled.

He said if the area was found to have oil deposits, Suriname would likely benefit as well.

His Guyanese counterpart, Bharrat Jagdeo declared the ruling "a great day for Guyana."

Mr Jagdeo said: "The resolution of this dispute, which is now final and binding on the parties, will allow Guyana and Suriname to put this controversy behind them, and to proceed to cooperate as good neighbours."

Oil Reserves

In 2004, Guyana took the dispute to the UN law of the sea tribunal after the Surinamese chased a Guyana-contracted Canadian oil drilling firm out of the disputed area.

Mr Jagdeo said the company, CGX, could resume its operations right away.

The US Geological Survey has estimated that the coastal area off the two countries may hold recoverable oil reserves of roughly 15 billion barrels and gas reserves of 42 trillion cubic feet.

Guyana gets sovereignty over 12,800 square miles (33,152 sq. km) of the area, according to a statement from the Washington law firm of Foley Hoag, which represented Guyana.

Suriname receives some 6,900 sq miles (17,871 sq. km),