Eni, Venezuela Settle Dispute Over Dacion Field

Law360, New York (February 15, 2008, 12:00 AM EST) -- Italian energy company Eni SpA has reached a settlement in its dispute with Venezuela over the Dacion oil field, which the South American country seized control of in 2006.

Under the terms of the agreement, announced Friday, Italy’s largest oil and natural gas company will receive a cash settlement equal to the “book value” of the oil field, Eni said.

An exact monetary figure was not disclosed, but the Associated Press estimated that the Dacion field is worth approximately $839 million.

“Eni believes this settlement represents...
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