Exxon wins again!

Exxon and Chavez, Ready to Rumble
By David Lee Smith February 11, 2008

ExxonMobil proves once again, in the world of energy bigger is better. Last week, Exxon won a big court victory in its battle with Hugo Chavez. Exxon was told early last year that its Cerro Negro project in the Orinoco basin was being turned over to Venezuela's national oil company PDVSA, as part of a nationalization program under Chavez. Exxon's victory resulted in threats by Chavez to cut off oil shipments to the U.S.

When the expropriation first came down, several other affected companies, including BP, Chevron and France's Total, ultimately rolled over and settled with Hugo and his boys. Another, Houston-based ConocoPhillips is still seeking an "amicable resolution" with PDVSA, regarding compensation for its efforts. Exxon, however, adopted a far more combative approach, seeking arbitration in the World Bank-affiliated International Centre for Settlement of Investment Disputes (ICSIT).

Last week, Exxon received court orders in Britain, the Netherlands, and the Netherlands Antilles freezing up to $12 billion of PDVSA's assets. That followed a U.S. District Court decision in December freezing in excess of $300 million of PDVSA's assets.
http://www.fool.com/investing/dividends-income/2008/02/11/exxon-and-chavez-ready-to-rumble.aspx