South America’s Southern Cone has abundant low-cost gas resources, particularly in Argentina’s Vaca Muerta and Brazil’s Pre-salt. However, there is uncertainty if these resources will reach their full potential and how gas will compete against alternative energy sources in the medium to long term. What conditions are necessary for gas to be competitive and to realize its potential in the region? What are the roles of the private sector, the NOCs, and governments? What is the window of opportunity for these resources to be developed?