Exxon Fights Venezuela for Oil Field

US based oil giant Exxon Mobil is seeking arbitration over a debate with Venezuela about the takeover of its oil assets.

The oil firm is believed to have made its case to the International Centre for the Settlement of Investment Disputes, a group with close ties to the World Bank, according to the BBC.

Venezuela recently took over Exxon's 41.7% stake in the Orinoco Belt oil field - worth an estimated $750m.

The company has not said how much compensation it wants for the oil field.

Four major oil companies - US-based Chevron, the UK's BP, French group Total and Norway's Statoil - accepted the takeover of the fields.

By staff writer