It may be a drop in the ocean compared with some of Berkshire Hathaway’s other investments, but that’s not the way it was being seen by close watchers of the North Sea oil industry and the City of London yesterday. And that isn’t simply because the name of Warren Buffett, the famed Sage of Omaha, business magnate, investment guru and boss of Berkshire Hathaway, is therefore linked with the deal.
For Independent Oil & Gas, the agreement to sell part of its interest in a potential new gas hub to Calenergy Resources, part of the huge Berkshire Hathaway empire, for up to £165 million is a big deal on at least two fronts. First, as a vote of confidence in North Sea oil; and