UPDATE: Exxon Gets Three Nigerian Oil Leases Renewed -Company

   (Adds details about the leases, including that they were signed for an additional 20 years).

LAGOS, Nigeria (Dow Jones)

Nigeria on Friday renewed three oil leases involving joint ventures operated by Exxon Mobil (XOM) that produce more than 550,000 barrels of oil a day, an Exxon spokesman said.

The renewals came after months of hard-fought negotiations.

The three leases, for Oil Mining Leases 67, 68 and 70, were signed for an additional 20 years, with an option to renew.

"Mobil Producing Nigeria, operator of its joint venture with the Nigerian National Petroleum Corporation, is pleased to confirm that it has reached agreement with the federal government of Nigeria on the long-term renewal of the NNPC-MPN joint-venture leases," an Exxon Mobil spokesman said in a statement.

The leases, which contain the Oso, Ekpe, Edop and Ubit oil fields, originally were signed in 1968. The leases expired in November 2008, but Nigerian officials granted a one-year extension while negotiations took place.

-By Will Connors, Dow Jones Newswires; +234-703-511-3653; connors.will@gmail.com