International Centre for Settlement of Investment Disputes

Exxon Mobil Corp. was awarded $1.6 billion by an international arbitration panel for assets seized by Venezuela's government in 2007, a fraction of what the crude producer had sought.

The World Bank's International Center for Settlement of Investment Disputes, or ICSID, awarded the sum to the Irving, Texas, oil company as compensation for investments in the Cerro Negro project and other losses.

Exxon had originally sought as much as $14.7 billion for assets nationalized after it refused to accept terms of a partnership with Petroleos de Venezuela.

"Our goal with the arbitration was to seek compensation for the fair market value of assets that were...