Yes, I too am tired of this story. But here are a couple things worth reading, as two guys try to show that it is possible to both know about Venezuela and also speak (contrary to what I wrote yesterday):
Exxon received from PDVSA what it was contractually entitled to get. The standard used by the ICC was the market value of the assets, not book value. The assumptions used to calculate that market value, however — chief among them estimates of the expected future price of oil — were limited by a clause in ExxonMobil’s 1998 association contract that effectively put a ceiling on the value of the company’s investment.
…the highest possible oil price that can be used to value damages in the event of expropriation is $27 per barrel in 1996 dollars, or $37.50 in 2007 dollars.
And more such details from Russ Dallen, talking to Bloomberg
Now back to the fun stuff