Exploration in Latin America shows glimmers of hope after a dismal 2016. We see three key themes driving the most interesting developments in exploration. Drilling in deepwater frontier basins will continue along the Atlantic Margin and on the Pacific Coast, bucking the global trend of declining frontier exploration. Legislative changes in Brazil will sow the seeds for increased activity in Brazil's established basins, and licensing rounds will generate high interest. Long-term market dynamics spur greater interest in gas exploration in Bolivia, Trinidad & Tobago, Peru and Colombia.