UPDATE 1-Repsol could float Brazil unit to raise funds

* Floating Brazil unit an option to raise exploration funds

* Repsol sees Brazil investment of $10 bln plus in 10 years

* Could also sell projects, finds partners to raise funds

(Updates with possible share listing)

By Clara Vilar and Denise Luna

RIO DE JANEIRO, Nov 14 (Reuters) - Spanish oil group Repsol (REP.MC) may tap the stock market with its Brazilian unit to help finance an expected $10 billion plus in oil exploration in Brazil in the next decade, its president said on Saturday.

"There are various options -- find new partners, sell a project, float the Brazilian division on the stock market, or some kind of agreement with Petrobras," Antonio Brufau said after meeting Brazilian state oil firm Petrobras (PBR.N) (PETR4.SA) president Jose Sergio Gabrielli in Rio de Janeiro.

Repsol is among Petrobras' foreign partners in offshore "subsalt" fields, thought to contain at least 50 billion barrels of light crude, which are among the world's biggest recent finds.

The company has a presence in 21 exploration blocks in Brazil and values its Brazil operations at $6 billion.