Exxon Mobil Corp.'s four-year hunt for billions of dollars in nationalized Venezuelan oil profits isn't finished after an international panel slashed the U.S. oil company's claim by 89 percent.

Venezuela's state-controlled oil producer, known by the acronym PDVSA, was ordered to pay Exxon $746.9 million for the 2007 seizure of oil wells, crude-processing facilities and related equipment, according to a copy of the International Chamber of Commerce's Dec. 23 ruling obtained by Bloomberg News. The award represents 11 percent of the $7 billion sought by Exxon, the world's largest company by market value.

Exxon, the first international energy explorer to abandon Venezuela four-and-a-half years ago when Hugo Chavez consolidated control of the nation's oil industry, is counting on a separate arbitration case overseen by the World Bank to win billions in potential profits the company says were lost as a result of the nationalization, said Lysle Brinker, director of energy equity research at IHS Inc.