Caracas Scores A Victory In First Exxon Arbitration Hearing

Venezuela has claimed an early victory in its legal battle with Exxon after the ICC ruled the country owes the US oil major just under US$1bn for assets seized during the Chavez government's wave of nationalisations in 2007. Exxon was seeking more than US$12bn for the assets at one point. An upcoming ruling in a separate arbitration hearing at the World Bank will determine the Venezuelan government's ultimate liability, and set a precedent for a future arbitration hearing with ConocoPhillips and others.

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