CARACAS, Venezuela (AP) -- Venezuela's state-run oil company announced Wednesday that an arbitration dispute with Exxon Mobil Corp. has been settled because the U.S. oil giant has received a payment topping $250 million.
Exxon Mobil sought arbitration after the government of President Hugo Chavez nationalized an oil project in the South American nation's oil-rich Orinoco region in 2007.
The Irving, Texas-based oil company and representatives of Petroleos de Venezuela S.A., or PDVSA, failed to reach an agreement on compensation for Exxon's assets, prompting Exxon to bring the case to the International Chamber of Commerce.
The chamber awarded Exxon more than $907 million in compensation for its nationalized assets.
But PDVSA said Wednesday the dispute had been settled following a payment of $250,897,799.
Representatives of Exxon did not respond to telephone calls seeking comment late Wednesday.
Venezuela's oil minister, Rafael Ramirez, said the government doesn't intend to make additional payments to Exxon beyond about $255 million.
Exxon had brought the case to a World Bank-affiliated arbitration body, the Washington-based International Centre for Settlement of Investment Disputes, or ICSID.
Chavez announced last month that Venezuela was withdrawing from the ICSID.
PDVSA has said it intended to pay about $255 million after subtracting debts, as well as funds in its U.S. accounts that Exxon Mobil had managed to freeze through lawsuits.