The war in Ukraine opens a unique window of opportunity for Latin America gas and comes when markets are in varying stages of liberalization, complicating matters. Securing and diversifying gas supplies is a priority for leading global gas importers—Mexico, given its proximity and connectivity to abundant, low-cost U.S. gas, and Argentina with its significant Vaca Muerta gas resource base—can potentially play a key role. Meanwhile, Brazil’s continued gas market “deverticalization” combined with enormous pre-salt reserves under development are providing renewed growth opportunitiesfor the domestic gas industry. What conditions are necessary to encourage the massive investments needed in infrastructure, gas resource development and demand-side expansion? What are the roles of the private sector, the NOCs and governments?