Super-giant pre-salt discoveries in Brazil's deepwater Santos Basin since 2006 underpin Petrobras' exploration success and a give it a peer-leading growth outlook. As a result, international activities have been de-emphasised as resources are focused domestically. The development of the pre-salt resource to date has been impressive, but the company's deepwater ambitions are unprecedented in scale, and project delay and cost overruns are key downside risks. However, Petrobras has an enviable acreage position, which should ensure continuation of success. We estimate the Santos, Campos and Espírito Santo basins have potential to deliver 27 billion boe of resource out to 2035. Through its high average working interest, Petrobras has major exposure to this upside. The company is also exposed to other frontier basins in Brazil. No other company has exposure to such potential upside. Full details are provided in our report, and all data and analysis can be downloaded in excel and pdf format.