Venezuela to compensate Total, BP for oil field

Venezuela said it had reached a $250-million deal to compensate Total and BP for an oil field it seized from them in April, but said it would not make the compensation in cash.

Speaking at the signing of the deal, Energy Minister Rafael Ramirez pegged the compensation slightly lower than the $262 million that a government official had given earlier.

Venezuela seized the Jusepin field after the companies failed to agree to terms under which the field would be operated as a "mixed company," with state oil company PDVSA holding a majority stake.

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