Exxon Mobil Seeks Compensation from Chavez

The recent move by Venezuela's socialist leader Hugo Chavez to nationalize the energy sector has prompted some of the companies to seek compensation, Exxon Mobil in a stunning move took the battle to court.

The state run company PDVSA is barred from selling assets and Venezuela cannot withdraw $300 million from a US bank account, such a move could prevent Chavez from spending money of his so called 'social projects'.

An energy expert named Dino Barajas said "It makes the actions you took a year ago fairly pricey," referring to Chavez.