Few exploration opportunities command as much attention as Brazil's pre-salt. Widely perceived as potentially the last opportunity for access, Brazil's 5th PSC Round closed with a final bang, sealing a winning streak of five competitive bid rounds over two years. Since 2016, pro-industry reforms have removed regulatory obstacles and pumped confidence back into the sector. But a highly uncertain presidential election looms ahead and could put progress at risk. Still, explorers were not deterred in the latest round. The bid round once again saw high profit share rates with some of the highest signature bonuses ever-recorded (even by Brazil's standards). Pre-salt interest remains front of mind. Read our Insight to learn how the bid rounds of 2017 and 2018 have transformed Brazil's E&P landscape: • Which Major is the largest operator of pre-salt exploration acreage? • How has Petrobras' share of licensed pre-salt acreage evolved? • Have PSC profit share rates reached a "new normal"?