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Rosneft, Sakhalin-1 consortium settle dispute out of court

November 02, 3:58 UTC+3 YUZHNO-SAKHALINSK

A spokesperson for India’s ONGC, which is a part of the Sakhalin-1 consortium, confirmed the infromation

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A sign at the headquarters of the Rosneft Oil Company in Moscow

A sign at the headquarters of the Rosneft Oil Company in Moscow

© Vladimir Gerdo/TASS

YUZHNO-SAKHALINSK, November 2. /TASS/. Russian oil major Rosneft announced on Friday that it would withdraw its lawsuit against members of the Sakhalin-1 consortium, a TASS correspondent reported from the courtroom.

"Rosneft announced that it would drop the lawsuit," a Sakhalin Arbitration Court judge said. "The arbitration court stops court proceedings on the case as the lawsuit has been dropped."

A spokesperson for India’s ONGC, which is a part of the Sakhalin-1 consortium, confirmed that the dispute had been settled out of court.

"We have settled the dispute," the spokesperson said.

YUZHNO-SAKHALINSK, November 2. /TASS/. Russian oil major Rosneft announced on Friday that it would withdraw its lawsuit against members of the Sakhalin-1 consortium, a TASS correspondent reported from the courtroom.

"Rosneft announced that it would drop the lawsuit," a Sakhalin Arbitration Court judge said. "The arbitration court stops court proceedings on the case as the lawsuit has been dropped."

A spokesperson for India’s ONGC, which is a part of the Sakhalin-1 consortium, confirmed that the dispute had been settled out of court.

"We have settled the dispute," the spokesperson said.

Rosneft’s claim to Sakhalin-1 project participants may concern the oil and condensate crossovers between the northern tip of the Chayvo field, which is developed by Rosneft, and the Chayvo field, which is developed by the Sakhalin-1 consortium.

During the first meeting on the case, which took place on September 10, the court adjourned the hearings saying that the sides were trying to reach an out-of-court settlement. The essence of the claim was not specified. However, according to the document on noting the claim, Rosneft was to provide a valid certified copy of the agreement on preparation of the products of the northern tip of the Chayvo field dated September 18, 2014. The document contains a reference to that agreement in clause 9 where it is mentioned as the "legally binding preliminary agreement to the agreement on balancing in connection with the crossovers."

Sakhalin-1 is the first large-scale offshore project in Russia implemented under the PSA conditions (concluded in 1996). Rosneft holds a 20% share in the project, ExxonMobil - 30%, SODECO - 30%, and ONGC Videsh Ltd. - 20%. Sakhalin-1 includes three offshore fields: Chayvo, Odoptu and Arkutun-Dagi located in the northeastern shelf of Russia’s Sakhalin Island.

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