Western oil firms including Exxon, Royal Dutch Shell and Chevron operate in Nigeria through joint ventures with state oil firm NNPC. The three licences __ OML 67, 68 and 70 __ are currently producing 580,000 barrels per day of oil and include the Oso, Ekpe, Edop and Ubit fields. They originally expired in November 2008 and were first given to Exxon in 1968.

"We certainly have with our partner NNPC a very aggressive capital investment programme that we perceive continuing to develop and grow the production reserves for these three leases," said Mark Ward, Exxon's managing director in Nigeria.

Industry executives have said in recent months that the contract renewal negotiations between Nigeria and its Western oil partners have been difficult, with China also seeking to gain a stronger foothold in Africa's top energy industry.

Chinese state energy firm CNOOC in September identified 23 licences in Nigeria in which it would like to buy stakes, including 16 operated by Shell, Chevron and Exxon which expired last November and were up for renewal. Chevron and Exxon won a year's extension, while Shell successfully sought a court injunction last November allowing it to continue to operate. The Anglo_Dutch firm is still in talks with the Nigerian government over its licence renewals.

Ajumogobia said in September that China had made a proposal to buy 6 billion barrels of Nigeria's crude oil reserves and that Nigeria could sell its own stakes in joint ventures with Western oil firms to help Beijing do so.

"There was never any consideration of selling or trading one firm for another," he said on Friday at the joint news conference with Exxon, but added: "NNPC has a right to relinquish any part of its equity to any third party that expresses interest and it is in that regard that the discussions with the Chinese have been carrying on."

Berkshire Hathaway, Inc. is a publicly owned investment manager. Through its subsidiaries, the firm primarily engages in the insurance and reinsurance of property and casualty risks business. It invests in the public equity markets of the United States and Canada. It employs a value investing approach, investing across sectors. Berkshire Hathaway was founded in 1889 and is based in Omaha, Nebraska.

Recent News on Berkshire Hathaway Inc (NYSE:BRKa)

Billionaire Warren Buffett's Berkshire Hathaway Inc (BRKa.N)(BRKb.N) revealed on Monday new investments in Nestle AG (NESN.VX)(NSRGY.PK) and Exxon Mobil Corp (XOM.N), respectively the world's largest food maker and oil company, and that it has nearly doubled its investment in Wal-Mart Stores Inc (WMT.N), the world's largest retailer.

In a U.S. Securities and Exchange Commission filing reporting U.S.-listed equity holdings as of September 30, Berkshire said it held 3.4 million American depositary receipts of Nestle valued at $144.7 million and about 1.28 million Exxon Mobil shares valued at $87.6 million.

It also reported boosting its stake in Wal-Mart by 90 percent from three months earlier, to 37.8 million shares valued at about $1.86 billion from 19.9 million shares as of June 30.

Berkshire, which is based in Omaha, Nebraska, also reported a new $96.3 million investment in waste collection company Republic Services Inc (RSG.N), and a $1.35 million investment in the insurer Travelers Cos (TRV.N).

To view the Consolidated Investment Analysis on Berkshire Hathaway Inc (NYSE:BRKa)Please visit the stock pulse page at www.chartpoppers.com

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