US oil major Exxon Mobil is interested in holding "substantial" talks with Venezuela in connection with the value of a heavy-crude oil project it operated in heavy crude oil Orinoco belt until 2007, when it was nationalized by the Venezuelan government, Tuesday said an official, as quoted by Reuters.

"We are still interested in holding substantial negotiations with the government of Venezuela and with (state-run oil conglomerate) Pdvsa about the fair market value of the assets that were expropriated," said Mark Albers, senior vice president of Exxon Mobil, during the energy conference of the Cambridge Energy Resources Associates (CERA).

Exxon Mobil, the US's largest oil corporation, won a number of court orders to freeze up to USD 12 billion in Pdvsa's assets and accounts outside Venezuela, amidst a legal dispute about compensation to Exxon Mobil following the Venezuelan government's decision to cut its stake in two major oil projects. Rather than agreeing to enter into joint ventures with Pdvsa where the Venezuelan state firm would hold a majority stake, the US company decided to cease operations in Venezuela.