International Business Times - Can Exxon Corner Chavez?

The aggressive legal moves by Exxon are the latest salvo in the battle between oil companies and Venezuela, which last June seized control of the oil development projects there, forcing the companies to sell it majority stakes or leave the country. Total, Chevron Corp, Statoil and BP Plc agreed to sell PDVSA controlling stakes in projects and remain in Venezuela as minority partners, while Exxon and U.S. peer ConocoPhillips refused, prompting Venezuela to expropriate their holdings. ConocoPhillips has also initiated arbitration against PDVSA but has not sought to have Venezuelan assets locked up."