U.S. oil giant Exxon Mobil awarded $908 million in contract dispute with Venezuela

U.S. oil giant Exxon Mobil said on Sunday an arbitration panel awarded it $908 million over a contractual dispute with Venezuela, following the South American nation’s 2007 nationalization of its assets.

Exxon Mobil had filed a claim in 2007 with a World Bank arbitration tribunal seeking at least $7 billion in compensation for a heavy oil project that President Hugo Chavez nationalized in a broad wave of state takeovers.

Venezuelan sources declined on Saturday to specify the amount Venezuela was ordered to pay, but said they saw the decision as favorable to Caracas.