CARACAS—Venezuela has applied for a revision to the $1.6 billion award that an international arbitration panel earlier this month ordered it to pay Exxon Mobil Corp. for oil assets expropriated in 2007.

Enforcement of the award has been temporarily put on hold, the World Bank’s International Center for Settlement of Investment Disputes said in a brief statement on its website.

Venezuela’s Foreign Minister Rafael Ramirez, who previously served as the country’s longtime oil czar, celebrated the ICSID court’s Oct. 9 verdict in the arbitration case as a triumph for the government. The ruling awarded Exxon about a 10th of what it had initially demanded in compensation for the takeover of its Cerro Negro heavy oil project.

After discounting payments made by Venezuela to Exxon for a separate but related case, the country is expected to pay around $1 billion, analysts say.

Spokesmen at Exxon and Venezuela’s state energy giant Petróleos de Venezuela SA, or PdVSA, weren't immediately available for comment.