The Campos Basin is a proven oil province and remains the centre of production in Brazil. Deepwater turbidite sandstones have provided numerous world-class oil discoveries over the past four decades. A number of large pre-salt discoveries have also been made but volumes are much lower than those found in the pre-salt play of the neighbouring Santos Basin. Full cycle economics for the basin during the ten-year study period were very strong due to the discovery and development of large oil volumes. Future returns are expected to be lower, albeit positive, with the basin averaging an IRR of 14% at Base price. This is in part due to our forecast of lower exploration activity levels and hence lower yet-to-find volumes compared with the last ten years. In addition, the deepwater pre-salt play is now modelled under the new, harsher PSC terms.