Exxon 1.4 billion settlement against Venezuela overturned by International Center for Settlement of Investment Disputes

mark jacobs lives!

study this dispute and you will know why exxon is drilling for oil in Guyana. the original ruling was based on a ‘dispute’ between Exxon and the Bolivar republic over 1.5 billion barrels of heavy crude at operadora cerro negro, orinocco delta. this is circa 2007 when hugo chavez decided to nationalise his counttys resources. exxon ‘won’ 1.4 billion but was actually asking for 10 billion

Two major ExxonMobil-controlled projects were impacted in Venezuela’s Cerro Negro and La Ceiba, with the government compensating the company by paying the book value of its assets. ExxonMobil protested, arguing the government should have compensated the company for the market value of its assets, which was estimated to be significantlyhigher.
Of the 22 companies with nationalized assets only two opted for legal action against Venezuela – ConocoPhillips and ExxonMobil 

Caracas, March 10 (Prensa Latina) Venezuelan authorities welcomed the revocation of…

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