Brazil is betting that prospectivity will outweigh regulatory uncertainty and political turmoil as it schedules three rounds for the end of 2017. The offer includes frontier and emerging under-explored acreage not accessible since 2006. The highlight will be large pre-salt DROs and exploration opportunities. The auctions face stiff global competition from 25 bid rounds underway. Explorers are looking for low-cost acreage, with an increased emphasis on favourable fiscal regimes. Will the pre-salt’s prospectivity offset the large signature bonuses required? Significant regulatory improvements to make Brazil more competitive have been implemented. But a series of concerns, including environmental licensing, vague unitisation regulations, and the fate of REPETRO threaten to undercut competition, even for the best acreage. In this first in a series of two Insights on Brazil’s rounds, we weigh these risks and opportunities to understand if Brazil can reboot exploration in 2017.