Venezuela's court victory over Exxon will intensify dispute

'The fact that Venezuela was able to dissolve this injunction puts them back in the game, it makes it far more likely that the battle is going to continue,' said Joseph Profaizer, an international arbitration expert at Paul, Hastings, Janofsky & Walker in Washington. Exxon has filed two arbitration claims against Venezuela demanding at least $5 billion for the 2007 nationalisation of the Cerro Negro heavy oil project, though Venezuela says Exxon is due less than $1 billion.'The fact that Venezuela was able to dissolve this injunction puts them back in the game, it makes it far more likely that the battle is going to continue,' said Joseph Profaizer, an international arbitration expert at Paul, Hastings, Janofsky & Walker in Washington.