Super-giant pre-salt discoveries in Brazil's deepwater Santos Basin 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. Petrobras has an unmatched acreage position with major exposure to the massive potential in the established Santos and Campos basins, plus emerging and frontier basins along Brazil's Atlantic and Equatorial margins. The company is increasingly partnering with IOCs and its abundance of opportunity requires careful portfolio management. Full details are provided in our report, and all data and analysis can be downloaded in excel and pdf format.