Exxon Mobil Obtains Freeze of Venezuelan Oil Company's Assets

February 11, 2008

On February 8, 2008, Exxon Mobil announced that it had obtained an ex parte order from a U.K. court freezing up to US $12 billion of assets belonging to Petroleos de Venezuela, S.A. (PDVSA). The freezing order is a striking example of the potential power and scope of the U.K.’s “Mareva” injunction, a form of preliminary relief not available in U.S. courts. The attached Memorandum provides some background on the injunctive relief obtained by Exxon Mobil.

Please do not hesitate to use the contact information included in the Memorandum if you have any questions.