Legal
Exxon Awarded $77 Million in Claim Against Venezuela
- Claim follows expropriation of two oil projects in 2007
- Court says most of compensation was paid in separate case
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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.