Although an international arbitration panel ordered Venezuela to pay more than $2 billion to subsidiaries of Exxon Mobil Corp., Venezuela’s lead lawyer at Curtis, Mallet-Prevost, Colt & Mosle is crowing about the victory. The award came after a seven-year arbitration brought by Exxon Mobil to recover damages for nationalized oil assets.
On Thursday, the World Bank’s International Centre for Settlement of Investment Disputes announced the award in a 138-page ruling. The panel agreed with Venezuela that the nationalization of the facilities was lawful, but awarded Exxon Mobil damages for the expropriated property as required by international treaty. The award, however, will be reduced by $747 million, which Exxon Mobil received in a separate arbitration with Venezuela’s state-oil company Petróleos de Venezuela, or Pdvsa, in 2011 before the International Chamber of Commerce.
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