29 September 2018, News Wires — Russia’s Sakhalin-1 consortium, led by ExxonMobil, has agreed to pay $230 million to Russian energy giant Rosneft as part of an out-of-court settlement, the managing director of consortium partner ONGC Videsh told Reuters on Friday.
The deal was related to a dispute over how oil should be shared between the Sakhalin-1 concession and an adjacent Rosneft field.
“Rosneft was demanding that it should be paid $1.4 billion … We have agreed for an out-of-court settlement and will be paying $230 million as Rosneft entered the other area in 2011,” ONGC Videsh Managing Director N.K. Verma told Reuters.
Indian company ONGC owns 20 percent of the consortium.
- Reuters
