Total plans oil industry move on Brazil's untapped subsalt wealth

Total has said that it is planning its next oil industry move and confirmed that it is interested in bidding to be part of Brazil's huge, untapped subsalt oil reserves.

Reuters reported that Yves Louis Darricarrere, from the oil giant, told a conference that it was looking to participate and is just waiting on Brazil to decide when these areas of interest will be opened.

"(This) concession round will certainly be of interest to us. The country remains a land of opportunity for the oil and gas industry. More discoveries stand to be made in Brazil since large areas of the country remain virtually unexplored," Mr Darricarrere said.

According to analysts, Brazil could hold around 50 million barrels of oil buried underneath a thick layer of salt just off its coastline.

Siemens has also announced that it is investing $600 million (£376 million) in Brazil in the next five years, with $50 million going towards a new oil and gas global research centre in Rio de Janeiro, according to the Wall Street Journal.