PDVSA said that Exxon Mobil's compensation demands had been "completely exaggerated."

"After four years of arbitration, the real amount determined by the ICC tribunal indeed represents less than the exorbitant sum initially demanded," PDVSA said in the statement.

Exxon Mobil still has another arbitration case pending against Venezuela before the World Bank-affiliated International Centre for Settlement of Investment Disputes, or ICSID.

McGinn said the latest arbitration award "represents recovery on a limited, contractual liability of PDVSA." He said the larger ICSID arbitration against the government of Venezuela is ongoing and is expected to be argued in February."

More than a dozen other arbitration cases involving Venezuela are also pending as companies have sought billions of dollars in compensation in response to nationalizations by Chavez's leftist government.

The ICSID's website lists 17 pending cases against Venezuela. They include claims by Houston-based oil company ConocoPhillips Co., U.S. glass container manufacturer Owens-Illinois Inc. and Toronto-based mining company Crystallex International Corp.

Venezuela has reached negotiated agreements after taking over the operations of other companies such as Swiss cement maker Holcim and Mexican cement company Cemex SAB.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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