During the last few years, interest for oil and gas exploration in the Magallanes Foreland Basin of southern Chile has shifted to Paleogene siliciclastic deposits strata of the foredeep realm. However, the task is made difficult by a remarkable tectono-sedimentary complexity. Based on previous work, seismic and well data, and recent biostratigraphic and detrital-zircon U-Pb dating, the purpose of the present work is to revise the stratigraphic framework and petroleum potential of the foredeep succession. This succession is exposed along the Andes Cordillera and at the subsurface lies at a depth of ~2300-6000 m. In the study area, potential tight-gas reservoirs vary from ~30-100 m in thickness and comprises sandstones and minor conglomerates associated with with gravity-flows. Locally, some overpressured reservoirs has produced gas and condensate from a depth of 2500 m farther east. Interbedded mudrocks may act as effective barriers to fluid flows in structurally simple areas. Thermal maturity of potential source rocks below ~2500 m depth is 0.6 %Ro or higher. Total organic carbon is commonly low (<0.8 wt. %), but range between 0.2-1.8 wt. %, and is mainly associated with gas-prone Type-III kerogens. Traps are said to be structural, stratigraphic, or combined and the quality of the reservoirs is generally poor because moderate to intense diagenetic processes. Nevertheless, tight intervals located in the platform areas of the basin are just recently attracting attention for development with multi-well pad and hydraulic fracturing techniques.