Abstract The Campos Basin, offshore Brazil, is the most prolific basin in the western South Atlantic, with more than thirty hydrocarbon accumulations currently accounting for about 60% of Brazilian oil production. Intensive drilling and seismic, gravity and magnetic data have contributed to the recognition of four tectono-stratigraphic units related to the rifting and break-up of Pangea. The lowest sequence consists of Neocomian clastics deposited on basalt dated at 120–130 Ma, and reflects the fault-controlled subsidence associated with the stretching that preceded the emplacement of oceanic crust. The Aptian proto-oceanic stage is characterized by a sequence of evaporitic rocks that have undergone intense diapiric activity in deep water. An open-marine environment begins with a thick sequence of Albian/Cenomanian limestones, locally with clastic input, which grades upwards and basinwards into deep water marls and shales. This section is structurally associated with detached listric normal faults that sole out on the Aptian evaporites. Finally, the marine Upper Cretaceous to Recent clastic section is characterized by a more quiescent phase of thermal subsidence, with some residual halokinetic activity that increases in intensity towards deeper waters. The hydrocarbon accumulations are distributed throughout the stratigraphic column of the basin from Neocomian to Miocene. The reservoirs range from fractured basalts and porous bioclastic limestone (coquinas) in the Lagoa Feia Formation, to limestones and sandstones in the Macaé Formation, and sandstones in the Campos Formation. Detailed geochemical analyses undertaken on cutting, core and oil samples show that almost all the hydrocarbon accumulations discovered to date are sourced mainly from lacustrine calcareous black shales deposited in a closed Upper Neocomian lake system, having saline to hypersaline waters of alkaline affinities. The extreme anoxic conditions in this lacustrine environment resulted in the deposition of fine, well laminated organic-rich (TOC up to 9%) calcareous black shales, with high-quality organic matter composed almost entirely of low-sulphur type-I kerogen, originating from lipid-rich algal and bacterially-derived material. The excellent hydrocarbon source potential of these sediments, combined with the appropriate thermal history, produced the necessary conditions to yield low-density oil (around 30° API) characterized by a low sulphur content (around 0.30%), and significant quantities of alkanes (up to 70%). Diagnostic features in the biological markers from this depositional environment include: low concentration of steranes, presence of β-carotane, gammacerane and 28,30-bisnorhopane, very high concentrations of hopanes and high relative abundances of tricyclic terpanes up to C 34 .