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SignOnSanDiego.com > News > Business -- Oil official says Exxon Mobil's assets in Venezuela worth less than $1 billion Weather | Traffic | Surf | Maps | Webcam Choose Category All of SignOnSanDiego News Sports Entertainment Classifieds Business Listings Community Events Web News Metro | Latest News North County Temecula/Riverside Tijuana/Border California Nation Mexico World Obituaries Today's Paper AP Headlines Business Technology Biotech Markets In Depth In Iraq Pension Crisis Special Reports Video Multimedia Photo Galleries Topics Education Features Health | Fitness Military Politics Science Solutions Opinion Columnists Steve Breen Forums Weblogs Communities U-T South County U-T East County Solutions Calendar Just Fix It Services Weather Traffic Surf Report Archives E-mail Newsletters Wireless | RSS Noticias en Enlace Internet Access If you could put any public figure on the hot seat, what would you ask him or her? Let us know, and we will get you an answer. First up is San Diego City Attorney Mike Aguirre. E-mail your questions to us at dialog@uniontrib.com. We will submit the best of them and publish the responses in a Sunday newspaper. Fax questions to 619-260-5081, or write Hot Seat, The San Diego Union-Tribune, P.O. Box 120191, San Diego, CA 92112-0191. Sponsored Links More Business news Oil official says Exxon Mobil's assets in Venezuela worth less than $1 billion By Christopher Toothaker ASSOCIATED PRESS 12:51 p.m. February 19, 2008 CARACAS, Venezuela – Exxon Mobil Corp.'s nationalized investments in Venezuela are worth less than $1 billion – far below what the company is seeking as compensation, the country's oil minister said Tuesday. President Hugo Chavez's government and the Irving, Texas-based oil company are locked a legal battle over compensation after the South American country nationalized a heavy oil project in the Orinoco River basin. Acting on Exxon Mobil requests, courts in Britain and the U.S. have temporarily frozen about $12 billion in Venezuelan assets to guarantee a payoff in the event the company wins a decision by an international arbitration panel. But Oil Minister Rafael Ramirez said Exxon Mobil's Orinoco investments are worth nowhere near that much. Exxon Mobil's “total assets in Venezuela are less than $1 billion,” he told reporters. The company's representatives did not immediately respond to phone messages seeking comment Tuesday. Exxon Mobil walked away from its heavy-oil upgrading operations in the Orinoco basin after Chavez's government changed the terms of the contract. Other major oil companies, including Chevron Corp., France's Total, Britain's BP PLC, and Norway's StatoilHydro ASA, have negotiated deals to continue on as minority partners in the Orinoco oil project. Ramirez also said Tuesday that Venezuela will pay Italian energy company Eni SpA $700 million in compensation for the seizure of the Dacion oil field. He said Eni agreed on a cash payment for Dacion, which was seized as Venezuela converted a series of operating contracts in the Orinoco basin into joint ventures. Eni, which had operated the field under an agreement with Venezuela's state oil company Petroleos de Venezuela SA, or PDVSA, refused to accept the contract changes. The Italian company said last week it had struck a compensation deal but did not give the amount. Ramirez thanked Eni for its willingness to negotiate an agreement with Venezuela while slamming Exxon Mobil for challenging PDVSA over compensation. His comments came after Chavez on Monday said Venezuela is not preparing to cut off oil shipments to the United States, a week after the socialist leader rattled oil markets by threatened to halt shipments in retaliation for Exxon Mobil's success in convincing courts to freeze Venezuelan assets. Exxon Mobil's shares were up $2.26, or 2.7 percent, to $87.63 in afternoon trading. Eni's U.S. traded shares gained $1.92, or $2.9 percent, to $68.26. Sponsored Links Quicklinks Restaurants Bars Hotels Autos Shopping Health Eldercare Singles Business Listings Free Newsletters Sign Up Now! Cell Phone Alerts Privacy Policy Guides Vegas Spas/Salon Travel Weddings Wine Old Town Baja Catering Casino Home Imp. 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