As July drew to a close, the offshore sector again registered major milestones in Latin America, with Brazil taking the lead by announcing a new policy to grant waivers for existing local content commitments, plus a big exploration find in Mexico. The region is beginning to reap the success of groundwork laid in years prior. In this insight, we analyze Latin America's new wave of exploration success – what do Zama and Amoca mean for Mexico's Energy Reform? How will aggressive bid strategies from Mexico's recent onshore bidding round play out with cheap gas imports from the US? And, does the the splitting of the Aguada Pichana block point to a new approach to capitalize on full-scale development? Check out our view on these stories, and more, in our July Latin America Month in Brief.