In South America's Southern Cone while energy markets remain dominated by oil and hydro the outlook for gas has the potential to change dramatically through 2035. In recent years LNG imports reached record levels as Argentine gas production declined and Brazil experienced severe drought despite both countries holding world class gas assets. Upstream and piped import constraints mean LNG will continue to act as the swing supplier for both countries. Elsewhere a lack of indigenous gas resources means LNG will be the primary gas supply in Chile and Uruguay over the long term. Several key changes remain on our watch list including a changing political landscape in Venezuela and Argentina continued unravelling of the Lava Jato scandal in Brazil and the potential increasing importance of renewables and the threat they pose to longer term LNG imports.