The Pará-Maranhão Basin is an offshore basin located in northern Brazil on the Brazilian Equatorial Margin. Compared to the prolific southern Brazilian basins, the Pará-Maranhão Basin has seen minimal activity to date, and so limited success, but holds the potential for significant discoveries. The Equatorial Margin in South America has become the hottest frontier exploration play in the region and was the main attraction of Brazil's 11th licensing round in 2013. This exploration basin report provides a detailed analysis of recent exploration and future expectations including discovery and development costs, maps and details of licensing and fiscal terms. We also evaluate the yet-to-find volume and value creation potential. The report is accompanied by multiple excel downloads.