RusEnergy

 16 May 2007 - By Upstream OnLine - French giant Total will receive $120 million in compensation from Russian state-controlled player Rosneft after winning a court ruling over the disputed Vankor field, in East Siberia, according to reports. Moscow-based business daily Vedomosti cited sources close to one of the companies as saying a Brussels court had upheld a demand from Total that Rosneft pay it compensation over the rights for Vankor. Total had had a deal with the Anglo-Siberian Oil Company that included an option to buy 60% of Taimyrneft, the unit that owned rights to Vankor. Rosneft bought Anglo-Siberian in 2003 and decided not to exercise the option. Independent audits have valued Vankor's reserves at $9.3 billion, and Total has demanded a payment of at least $700 million from Rosneft, Vedomosti said. The court in Brussels upheld a much smaller claim, said the newspaper. Rosneft declined to comment on the report.