FROM THE hot forests of south-west Bolivia to the icy waters of the South Atlantic, millions of exploration dollars have been spent backing a gas play that points inexorably towards Brazil. The potential of Brazil's undeveloped gas market is beyond dispute. Gas currently accounts for barely 3% of the energy matrix compared with 40% in neighbouring Argentina. Brazil's power needs are met by a hydroelectric sector that has performed impressively but is reaching the point of diminishing returns.