Venezuela Compensates BP, Total For Jusepin Field

Law360, New York (March 6, 2007, 12:00 AM EST) -- Venezuela has agreed to pay $250 million to BP Plc and Total SA to compensate for its seizure of the Jusepin oil field last year.

BP and Total previously co-managed the Jusepin oil field on a fee-per-barrel basis. Total controlled about 55% of the operation, while BP controlled the rest.

In March 2006, after the two companies challenged new laws that would give the Venezuelan government extensive control over oil production, state-run energy company Petroleos de Venezuela seized the field.

The seizure was the first time...
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