Russia’s Sakhalin-1 consortium, led by ExxonMobil, has agreed to pay Russian energy giant Rosneft $230 million in an out-of-court settlement of an oil production dispute, an executive of an Indian consortium partner said on Friday. Rosneft had filed a $1.4 billion lawsuit in the Sakhalin district arbitration court in Russia’s far east, accusing the consortium of unjust enrichment, an allegation the consortium denied. The dispute centered around 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,” N.K. Verma, […]