True downhole rheological properties affect equivalent circulating density, hole cleaning, barite sag, surge/swab pressures during tripping, pump pressure, and bit hydraulics. Gelation and excessive viscosity are major concerns at high temperatures. When using oil-based drilling fluids lightened by an injection of de-oxygenated air (containing small amounts of oxygen, usually around five per cent) in underbalanced drilling (UBD) operations, there is a need to be able to predict the effect of oxidation on the viscosity of the oil-based muds as a function of temperature and pressure. This paper presents the results of an experimental investigation that was aimed at establishing the effect of oxidation on the viscosity of an oil-based drilling fluid. The drilling fluid was aged for 2.5 days and for 7 days in the presence of air at temperatures ranging from 100 to 150° C and at pressures ranging from 14 to 44 MPa. The viscosity of the drilling fluid samples after aging is compared with the corresponding fresh samples (before aging). The results show that oxidation causes an increase in viscosity. The amount of the increase depends on the amount of oxygen reacted, which is a function of temperature, pressure, and time. The higher temperatures of the reactors lead to the higher increases in viscosity. Furthermore, at higher temperatures, solid (mostly coke) formation was observed.