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A methodological identification and inventory of prospective hydrocarbon resources within contracted and non-contracted areas is key to energy planning. Regarding this purpose, this paper presents a first approach in assessing prospective volumes, as well as scenarios for associated geological exploratory risks in the Parnaíba Basin (onshore basin in northeastern Brazil). In total, 40 leads of Devonian and Carboniferous plays were evaluated, and their volumes aggregated using Monte Carlo simulation. This portfolio is continuously revisited to incorporate new input data, such as seismic and well data, as well as the method being updated through new insights from internal studies and recently published bibliography. Despite uncertainties and assumptions made to obtain these volumes, probabilistic analyses using Monte Carlo simulation quantitatively account for risk in decision-making.