British Judge Rules Against Exxon Mobil

"We have a contractual commitment from PDVSA to compensate us in the event of that, and we're seeking that PDVSA honor the terms of that agreement," Jeffers said.

Jeffers said Exxon Mobil was trying to prevent PDVSA from disposing of assets that might be used to settle future claims. Court rulings in the Netherlands and New York to seize Venezuelan assets in exchange for nationalized oil fields remain in place, he said.

But he said Exxon Mobil was still willing to try to negotiate a solution with Venezuela.

Venezuela, meanwhile, is now considering suing Exxon Mobil, Ramirez said. "Exxon Mobil is going to have to answer now for the damage that has been caused to our company, to our country," he said.

Ramirez said Exxon Mobil has been "very arrogant," while other companies including Chevron Corp., Total SA, BP PLC and StatoilHydro ASA have negotiated deals to continue as minority partners in the nationalized projects.

"Exxon is isolated in its abusive position," Ramirez said.

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AP Business Writer John Porretto in Houston contributed to this report.