Exxon pursuing arbitration with Venezuela - exec

WASHINGTON, May 22 (Reuters) - Exxon Mobil Corp. (XOM.N: Quote, Profile, Research) is still pursuing arbitration with Venezuela over the OPEC nation's 2007 nationalization of the Cerro Negro heavy oil project, a company executive told U.S. lawmakers on Thursday.

"We're currently in arbitration regarding the value of those assets," Stephen Simon, Exxon's senior vice president, told lawmakers at a hearing in the House Judiciary Committee. "We are hoping for an amicable solution to that and a constructive discussion."

Exxon has filed two arbitration claims against Venezuela demanding at least $5 billion for the 2007 nationalization of the Cerro Negro heavy oil project, though Venezuela says Exxon is due less than $1 billion.

Venezuelan state oil company PDVSA has already halted commercial ties with the Texas company, while Exxon has started rejecting Venezuelan oil cargoes that supply the Chalmette refinery in Louisiana, a 50-50 joint venture between the two. (Reporting by Chris Baltimore; Editing by Marguerita Choy)