Brazil is one of the most prominent oil and gas offshore market. Recently, investors’ interest has increased, but not only because of the oil price recovery and pre-salt discoveries, but maybe also because of important changes in the regulatory side. Several issues have been discussed by authorities with the industry: local content flexibilization, unitization agreements, multiple fiscal regimes (PSA, Concessions, and Transfer of Rights Agreements), Repetro customs regime, decommissioning regulations, among other topics. To understand this environment is important to look at the changes and the history since the beginning, besides the economic and political forces which influence the decisions. In addition, Brazil 2018 elections have changed the direction and perspectives for this important economic sector. In this paper, the authors describe the evolution of the regulation, the contract models and results of bid rounds in order to tracking the effects of the past decisions. It can help to find clues about which should be the next steps in terms of new regulations for the Brazilian market.