Exxon pursuing arbitration with Venezuela – exec

WASHINGTON (Reuters) – Exxon Mobil Corp.is still pursuing arbitration with Venezuela over the OPEC nation’s 2007 nationalization of the Cerro Negro heavy oil project, a company executive told U.S. lawmakers on Thursday.

“We’re currently in arbitration regarding the value of those assets,” Stephen Simon, Exxon’s senior vice president, told lawmakers at a hearing in the House Judiciary Committee. “We are hoping for an amicable solution to that and a constructive discussion.”

Exxon has filed two arbitration claims against Venezuela demanding at least $5 billion for the 2007 nationalization of the Cerro Negro heavy oil project, though Venezuela says Exxon is due less than $1 billion.

Reuters