ExxonMobil Entities Seek To Confirm Nearly $1B Award Against Venezuela

(November 27, 2023, 10:33 AM EST) -- WASHINGTON, D.C. — Three Exxon Mobil entities filed a petition in a District of Columbia federal court seeking to enforce an International Centre for Settlement of Investment Disputes (ICSID) arbitral award worth roughly $1 billion issued in their favor after more than 15 years of arbitration against the Bolivarian Republic of Venezuela for the expropriation of their oil investments, arguing that the court’s jurisdiction is proper and that there is no basis to refuse enforcement of the award....