This paper analyzes a typical pre-salt oil exploration and production project under an unitization process that has technical and market uncertainties and managerial flexibility to defer the investment. This type of project in most companies is valued through traditional methods of economic and financial analysis. It is known, however, that when there are uncertainties and managerial flexibility, there are associated options that have the potential to increase the value of the project. A numerical application to a hypothetical oil field was made using industry-typical data under the real options approach. The alternative of acquiring reservoir information through an extended well test (EWT) was evaluated in order to reduce technical uncertainties before the unitization process and the draw up of the field development plan. Considering the option to defer the investment in order to do the EWT, it was also possible to analyze the impact of the market uncertainty, which in this case are the future oil prices. The results of the study indicate that, for all stakeholders, waiting and investing in information before finalizing the unitization process is optimal. As a contribution, this dissertation proposes the application of a real option model which analyzes the value of information and the optimal investment timing. With this, it was possible to determine the NPV of an oil field development project that provides the highest return to all stakeholders.