In the current administration, the gas market reform in Brazil reached an upper level. Two compelling events are explaining tangible results this time: a set of specific principles and actions to increase competition by the National Energy Policy Council and the Petrobras' Cease-and-desist agreement approved by the Administrative Council for Economic Defense, which includes gas asset divestments and commercialization limits in order to reduce Petrobras dominant position. In this insight we explore the M&A investment and gas supply agreements opportunities unfolded by this reform, the new regulatory landscape and upcoming schedule. Finally, we assess the main risks that could compromise the Brazil gas market reform success.