Exxon Awarded $77 Million in $1.4 Billion Venezuela Claim (1)

The World Bank arbitration court awarded $77 million to Exxon Mobil Corp. in a resubmitted claim worth $1.4 billion over the nationalization of Venezuela’s Cerro Negro and La Ceiba crude projects in 2007.

The award is the result of a long legal battle that ended with the International Center for Settlement of International Disputes deciding July 10 most of the $984.5 million compensation granted to Exxon already had been paid in a separate claim with the International Chamber of Commerce, which resulted in Exxon receiving $907.5 million in 2011.

If Exxon wants to receive the full amount it is seeking ...