Exxon wins US$1.6bn in Venezuela nationalization case

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Thursday, October 9, 2014

The World Bank's arbitration court ICSID awarded US oil major Exxon Mobil a US$1.6bn settlement in its nationalization case against the Venezuelan government.

Exxon Mobil's win is its second against Venezuela, stemming from the nationalization of the firm's Cerro Negro heavy oil project in 2007.

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Prior to the settlement, ICSID was reportedly expected to award compensation of US$700mn-US$1.2bn. That the arbitration court ruled so far in Exxon Mobil's favor could set a precedent for upcoming cases, including ConocoPhillips' pending US$20bn claim.

BNamericas will host its 11th Southern Cone Energy Summit in Lima, Peru, on November 12-13. Click here to download the agenda.