The injunctions were solicited by Exxon in anticipation of an arbitration ruling by the International Centre for Settlement of Investment Disputes over a compensation claim. As part of a drive to recover the nation's oil sovereignty the Venezuelan government nationalized Exxon's 41.7 percent stake in the Cerro Negro project in May last year with an offer for compensation. However, Exxon not satisfied, demanded arbitration. Although the U.S. oil giant has not specified how much it wants in compensation it said its investment in the project was valued at $750 million at the time the assets were expropriated.

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