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The relatively well-studied Lusitanian Basin in coastal west-central Portugal can be used as an analogue for the less well-known Peniche Basin in the deep offshore. In this paper the Lusitanian Basin is reviewed in terms of stratigraphy, sedimentology, evolution and petroleum systems. Data comes from published papers and technical reports as well as original research and field observations. The integration and interpretation of these data is used to build up an updated petroleum systems analysis of the basin. Petroleum systems elements include Palaeozoic and Mesozoic source rocks, siliciclastic and carbonate reservoir rocks, and Mesozoic and Tertiary seals. Traps are in general controlled by diapiric movement of Hettangian clays and evaporites during the Late Jurassic, Late Cretaceous and Late Miocene. Organic matter maturation, mainly due to Late Jurassic rift-related subsidence and burial, is described together with hydrocarbon migration and trapping. Three main petroleum systems may be defined, sourced respectively by Palaeozoic shales, Early Jurassic marly shales and Late Jurassic marls. These elements and systems can tentatively be extrapolated offshore into the deep-water Peniche Basin, where no exploration wells have so far been drilled. There are both similarities and differences between the Lusitanian and Peniche Basins, the differences being mainly related to the more distal position of the Peniche Basin and the later onset of the main rift phase which was accompanied by Early Cretaceous subsidence and burial. The main exploration risks are related to overburden and maturation timing versus trap formation associated both with diapiric movement of Hettangian salt and Cenozoic inversion. [ABSTRACT FROM AUTHOR]