Nearly 36 billion barrels of oil equivalent have been discovered in the basin as a whole to date, the vast majority of which was found in the last ten years. The Lula oil find in 2006 was the first of several giants that confirmed the Early Cretaceous pre-salt to be the world's largest new oil play of recent years. Value creation in the Santos Basin over the past ten years has been phenomenal, due to the super-giant volumes discovered in this play. Despite the basin's huge yet-to-find volumes, value creation and returns in our outlook period are much poorer than in the last decade, due largely to the new PSC terms and the high-cost environment. Our outlook of the full-cycle economics of the Santos basin assumes an IRR of 12% at Base prices.