Over 1.1 billion barrels of oil have been discovered to date in the Espírito Santo Basin. With nearly 450 wells drilled the basin has seen much less exploration than its southern neighbours the Campos and Santos basins. Early exploration in the Espírito Santo Basin focused onshore and provided a large number of small oil finds. In the early 2000s exploration moved into deeper waters as acreage became available in licensing rounds. The Golfinho discovery of 2003 confirmed a new Late Cretaceous deepwater play. Accounting for approximately 675 million barrels discover this play remains under explored and further drilling may reveal additional potential. Over the last decade the basin has failed to create value and as a result we assume that offshore exploration levels will remain low especially in the near term.