The Barreirinhas Basin is a predominantly offshore basin, located on the Brazilian Equatorial Margin. Exploration onshore and in shallow waters has met with negative results; future activity will focus on the deepwater play where explorers hope to replicate the recent success achieved in nearby analogous basins (Guyana basin and southern Brazil). Only two of the 67 wells drilled to date have penetrated the deepwater acreage. The deepwater portion is truly frontier; operators face a very high cost environment, and a fiscal regime that provides little cushion against high costs and low prices. As a result we have assumed the exploration levels will remain low in the near term, especially in comparison to other more established offshore Brazil basins, with operators struggling to create value. This report is accompanied by multiple excel downloads which detail recent costs, volumes discovered and value, in addition to yet-to-find volumes, prospect economics and value creation potential.