Gas markets in South America’s Southern Cone are at an inflection point. Brazil’s pre-salt and Argentina’s Vaca Muerta have the potential to supply gas volumes that can outstrip demand. The prospect of abundant low-cost natural gas supply creates opportunities to restructure the power mix and resuscitate the region’s industrial landscape. However, unlocking the full potential of pre-salt and Vaca Muerta gas will require improvements in regulations, market conditions, infrastructure, and colossal investments. What barriers need to be removed to realize this potential? What are the roles of the private sector, the NOCs, and governments? Could the risk of too much gas become a curse that undermines the development of the Southern Cone’s gas potential?