ICC Rules Venezuela Owes Exxon Mobil $900 Million

An international arbitration panel has ruled Venezuela’s state oil company owes Exxon Mobil more than $900 million. But Venezuela says it will pay less than a third that amount.


Venezuela is hailing the ruling by the International Chamber of Commerce as a victory. Exxon Mobil had sought roughly $12 billion in compensation from state oil company PDVSA, after President Hugo Chávez’s government nationalized an Exxon oil project in the country’s Orinoco Belt.

PDVSA says it will pay only $255 million of the total award. It says Exxon Mobil has already seized $300 million from the state oil company’s US accounts and that Exxon owes PDVSA about $350 million.

In a written statement, Exxon said the Venezuelan company’s frozen US assets and PDVSA’s cancellation of Exxon’s project debts both could be used to help pay the award. 

Exxon has filed a separate claim on the same dispute with the World Bank. That case is set to be argued in February. There are more than a dozen pending claims against Venezuela stemming from other state takeovers, including one by Houston-based ConocoPhillips.


Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined News 88.7 in January 2011. Since arriving in Houston, he has reported on the many changes wrought on the region’s economy by the revolution in domestic oil and gas production. His non-energy reporting runs the gamut from white-collar crime to cattle ranching. His work has aired on...

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