An embedded model estimator (EMBER) petrophysical modeling algorithm has been applied to obtain effective porosity and permeability within the presalt carbonate reservoirs of the Barra Velha Formation in Buzios Field, Santos Basin. This advanced methodology was used due to the heterogeneity and complexity of the reservoirs, which makes modeling by conventional geostatistical methodologies difficult. For effective porosity modeling, we chose one facies model, one stratigraphic seismic attribute (acoustic impedance), and one structural seismic attribute (local flatness) as secondary variables. Permeability was modeled by using the best effective porosity simulation result as a secondary variable. Our results demonstrate that average effective porosity and permeability were 0.10 v/v and 440 md, respectively, indicating good reservoir quality throughout the studied area. A vertical trend of high effective porosities and permeabilities for the basal and uppermost reservoir sections was identified in our results, as well as a trend with lower values for these reservoir properties for the intermediate reservoir section. The lower section of the formation presented more continuity, and we infer it to be the best reservoir interval. We observed two horizontal trends for these reservoir properties at the formation top: one of higher values aligned to the north–south direction at the structural highs and another of lower reservoir properties related to isolated structural lows within structural highs. Correlation between modeled results and the blind test ANP-1 well upscaled properties was high, and upscaled well-log property distributions were preserved in the EMBER simulations, proving the predictive capacity of the algorithm. Finally, conditional distributions analysis indicated that the basal section of the Barra Velha Formation presents higher uncertainty for the estimation of effective porosity. Even though this interval is considered to have the best reservoir characteristics, decision making should be done with caution for this section.