Due to an extensive historical-maritime tradition, Portugal has long considered the South Atlantic as an ocean of possibilities for the projection of its envisioned influence in the near abroad. This article, however, seeks to analyse how such claims fit new security developments in the South Atlantic. It begins by briefly assessing the current main threats in the South Atlantic, followed by a review of Portugal's strategic guidelines and perceptions towards this same area. The preferred venues for the fulfilment of the country´s Atlantic expectations are then addressed by means of Portuguese technical-military co-operation with Lusophone African countries and Portuguese attempts to make NATO look southwards. The country's overall goals are contrasted with the unique positioning of Brazil towards the South Atlantic, as a token of existing perspectives not entirely coincident with Portugal's own aims. Some final remarks are then drawn regarding the sustainability of these expectations and the need to calibrate them in light of an evolving security context in South Atlantic waters.