The development of the Camisea gas fields in southeast Peru has been a major success both for the companies that risked the investments and the Government. The lessons of the Camisea Project, described in this article, are applicable to many gas-rich countries. To engage in long standing relations, required by the gas industry, both parties need to cooperate under conditions of contractual stability, with regulations aiming at creating competitive markets, and jointly implementing plans to prevent, and if required mitigate, environmental and social impacts. The Government has a key role to play in preserving the legal and regulatory framework and facilitating project financing. Gas exports can only be developed once the supply of local markets is assured. Moreover, international gas prices will remain low, certainly below oil prices, particularly in North America. To obtain a higher netback, domestic markets, and thereafter neighbouring countries' markets, deserve careful examination.
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