Oil giant Exxon Mobil is seeking arbitration over a stand-off with Venezuela about the takeover of its oil assets. The US oil firm made its case to the International Centre for Settlement of Investment Disputes, a group with close ties to the World Bank.

It has not said how much compensation it wants for the 41.7% stake in the Orinoco Belt oil field – worth an estimated $750m (£370m). Venezuela took over the oil project as part of a nationalisation drive.

“Exxon Mobil has worked with the Venezuelan government to reach an agreement regarding compensation based on the fair market value of the assets,” company spokesman Len D’Eramo said. “We are disappointed these discussions have not been successful.”

Is Chavez going to negotiate? I doubt it..