The Barracuda Field was discovered by the 4-RJS-381 well in April, 1989, and is located in the south-central portion of the basin, about 95 km offshore of Rio de Janeiro State, Brazil, at water depths ranging between 600 and 1,200 meters. The field was discovered after a successfull seismic-based exploration deep-water campaign and covers an area of 157 km2. Seismic attribute analysis discriminates oil-saturated Paleocene, Eocene and Oligocene sandstones encased in shale and marls mainly in stratigraphic traps. The reservoirs are turbidite sandstones, deposited in bathyal settings controlled by halokinetic-generated depocenters and grabens. Unspite there are four stacked reservoirs of Late Paleocene, Middle Eocene (2 zones) and Late Oligocene age, the main oil zones are the Oligocene reservoir with 56% and the lowermost Middle Eocene with 36% of the original oil-in-place volume. This giant oilfield contains in place volumes of 2,250 MMboe and the total and proved reserves are respectively 659.0 and 580.1 MMboe. The oil is 26 degrees API and production started through the 1-RJS-383 in september of 1997. The Barracuda Field Pilot is under development together with the Caratinga Field Pilot due to their geographic proximity. Barracuda development strategy foresees the ongoing pilot system and a definitive one expected to start in 2002. The pilot system, meant to collect informations and to support the planning of the subsequent phase, started production in 1997 and should produce 45,000 b/d of oil and 950,000 m3/d of gas from 11 wells (eight from Barracuda and three from Caratinga) through a FPSO type Stationary Production Unity.