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WRAPUP 1-Berkshire looks to post-Buffett era, expects to grow more

NEW YORK, Feb 28 (Reuters) - In his 50 years at the helm of Berkshire Hathaway Inc, Warren Buffett has transformed a failing textile company into a sprawling conglomerate that has vastly outperformed most of the rest of corporate America.

UPDATE 3-Warren Buffett says Berkshire has 'right person' as heir

* Vice Chairman Munger praises Berkshire execs Abel, Jain (Adds investor comment on letter, BNSF details and CEO prerequisites from letter)

UPDATE 1-Buffett says 'sprawl' is good, but may not be good enough

NEW YORK, Feb 28 (Reuters) - Warren Buffett wants to buy more businesses to add to Berkshire Hathaway Inc's "sprawl," but cautioned it may not keep the company he has run for 50 years from evolving into something rarely used to describe it up until now: average.

UPDATE 2-UK blocks Russian oligarchs' deal to buy North Sea fields

LONDON, Feb 28 (Reuters) - Britain has blocked a deal by Russian billionaires, Mikhail Fridman and German Khan, to buy 12 oil and gas fields in the North Sea as part of their acquisition of Germany's oil firm DEA from RWE, citing possible sanctions against Russia.

Buffett says 'sprawl' is good, but may not be good enough

NEW YORK, Feb 28 (Reuters) - Warren Buffett wants to buy more businesses to add to Berkshire Hathaway Inc's "sprawl," but cautioned it may not keep the company he has run for 50 years from evolving into something rarely used to describe it up until now: average.

UK blocks Russian oligarchs' deal to buy North Sea fields

LONDON, Feb 28 (Reuters) - The British government blocked on Saturday a deal by Russian billionaires, Mikhail Fridman and German Khan, to buy 12 oil and gas fields in the North Sea as part of their acquisition of Germany's oil firm DEA from RWE , citing possible sanctions against Russia.

UPDATE 1-Berkshire Hathaway net falls, operating profit rises

* Q4 net income falls to $4.16 bln or $2,529 per Class A share

Berkshire Hathaway net falls, operating profit rises

Feb 28 (Reuters) - Warren Buffett's Berkshire Hathaway Inc on Saturday said profit declined 17 percent in the fourth quarter from a year earlier, reflecting lower investment gains, though operating results improved.

BP ex-chief Browne to run Russian oligarchs' oil venture - FT

LONDON, Feb 28 (Reuters) - John Browne, the former chief executive of BP, will take charge of a $10 billion oil and gas venture backed by Russian billionaire Mikhail Fridman to help it expand internationally through partnerships and acquisitions, the Financial Times reported.

OPEC still divided even as Saudis see markets settling

Recent comments from OPEC's Nigerian president and the oil minister of top producer Saudi Arabia show just how divided the group remains after its November decision not to reduce crude output.

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