The Latin American upstream sector has some of the best subsurface opportunities available globally. Basins such as offshore Brazil, the Guyana Basin on the Equatorial Margin, and the onshore Neuquén Basin all illustrate the depth of potential investment interest in several other basins in the region. However, the aboveground offering must also be competitive. Shifting realities, risks, and policies toward investment all interact to the region’s detriment. Can policymakers in the region enhance competitiveness to capture a larger share of what promises to be suppressed global spending in E&P? Can gas market reforms and midstream liberalizations unlock the region’s upstream opportunities? How do companies and governments see the impact of the energy transition on Latin American E&P?