Exxon sees US$1.4 billion chopped from Venezuela award

An ICSID annulment committee has dramatically chopped US$1.41 billion from an award won by ExxonMobil against Venezuela, holding that the damages were granted based on contradictory reasoning, “straw man” arguments and the assertion of powers under international law that were not mandated by the relevant bilateral investment treaty.

In a decision dated 9 March and published on Thursday, the committee annulled a section on damages in the US$1.6 billion award that had compensated five Exxon subsidiaries for Venezuela’s expropriation of their stakes in the Cerro Negro oil project in the Orinoco Belt.

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