Total Eyes Brazil Pre-Salt Resources Development Role-Exec

PARIS (Dow Jones Newswires), July 7, 2011

Total is "well prepared" to take part in the development of Brazil's pre-salt oil resources, Total's head of exploration and production, said Yves-Louis Darricarrere.

Speaking during a conference on Brazil here, Darricarrere said the country is "a land of opportunity" for oil groups such as his.

Brazil's pre-salt resources are located on the deep-offshore field of Santos.

Total acquired in June 2010 a 20% interest in the BM-S-54 block on Santos, operated by Shell. The block is being explored, and no production has been planned yet.

"Total is well prepared to participate and is waiting for Brazil to decide when these interesting areas will be open," Darricarrere said on the country's pre-salt resources.

"In the short term, the announced 11th concession round which deals with non pre-salt discoveries will certainly be of interest to us," he also said.

Total also owns a 41.2% interest in the BC-2 block and a 50% interest in the BM-C-14 block both located on the Campos field, which is non pre-salt.

Copyright (c) 2011 Dow Jones & Company, Inc.