Petrobras continues to dominate Brazil’s upstream sector. But its divestments have begun to change the operator landscape, building the stage for small to medium-sized E&Ps. Most of the entrants have yet to release details on their redevelopment plans, but we have taken a view on the potential. Upside on our 10 selected deals is significant – US$3 billion of NPV10. Still, investment opportunities won’t come without challenges. We analyzed the most impactful risks, strengths and key support factors.