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Exxon has won an important court case vs the Government of Venezuela in Europe. At the heart of the matter is Chavez's seizure of Exxon property in Venezuela without compensation. Exxon has sued in both the UK and the Netherlands asking for Venezuelan state assets to be frozen and for damages to be paid to Exxon out of those assets. Exxon won and now $36 billion of state assets have been frozen in will likely end up sold at auction in order to pay for Chavez's theft. 
Exxon in Venezuela asset freeze
US oil giant Exxon Mobil has said it has won a court order to freeze up to $36bn (£18bn) in Venezuelan assets.
The firm has been fighting for compensation since Venezuelan president Hugo Chavez took its stake in heavy oil projects in the country last June.
A British court has now ordered that Venezuela state oil firm PDVSA cannot sell any of its assets, up to a value of $12bn, Exxon said.
Assets worth $24bn were frozen in the Netherlands and Netherlands Antilles.
Last year Exxon took its case to the International Centre for Settlement of Investment Disputes.
It has not said how much compensation it wants for the 41.7% stake in the Orinoco Belt oil field - worth an estimated $750m (£370m).
Proven reserves
Venezuela took over the oil project as part of a nationalisation drive.
President Chavez's government took control of exploration projects in the Orinoco Belt, which had been among the last privately-run fields in the country.
It is the country's most important oil area, with massive potential.
There are proven reserves of at least 80 billion barrels, but there could be enough there to make Venezuela the world's biggest source of oil.
Four major companies - US-based Chevron, the UK's BP, French group Total and Norway's Statoil - accepted the government's move.
Only Exxon and ConocoPhillips refused to accept the terms of the deal, which made them junior partners in the project, by the June deadline.
Officials in Venezuela and at PDVSA declined to comment.
US oil giant Exxon Mobil has said it has won a court order to freeze up to $36bn (£18bn) in Venezuelan assets.
The firm has been fighting for compensation since Venezuelan president Hugo Chavez took its stake in heavy oil projects in the country last June.
A British court has now ordered that Venezuela state oil firm PDVSA cannot sell any of its assets, up to a value of $12bn, Exxon said.
Assets worth $24bn were frozen in the Netherlands and Netherlands Antilles.
Last year Exxon took its case to the International Centre for Settlement of Investment Disputes.
It has not said how much compensation it wants for the 41.7% stake in the Orinoco Belt oil field - worth an estimated $750m (£370m).
Proven reserves
Venezuela took over the oil project as part of a nationalisation drive.
President Chavez's government took control of exploration projects in the Orinoco Belt, which had been among the last privately-run fields in the country.
It is the country's most important oil area, with massive potential.
There are proven reserves of at least 80 billion barrels, but there could be enough there to make Venezuela the world's biggest source of oil.
Four major companies - US-based Chevron, the UK's BP, French group Total and Norway's Statoil - accepted the government's move.
Only Exxon and ConocoPhillips refused to accept the terms of the deal, which made them junior partners in the project, by the June deadline.
Officials in Venezuela and at PDVSA declined to comment.
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