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The consortium operating the 250,000 bpd Sakhalin-1 project in Russia has agreed to pay Russian oil major, Rosneft $230 million to settle the production dispute out-of-court. Rosneft, in June, had dragged the consortium of ExxonMobil, ONGC Videsh Ltd, and SODECO to court. Rosneft was seeking $1.4 billion in damages, alleging "unjust enrichment and interest gained by using other people's money". OVL will pay $46 million as part of settlement money.
