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.