Argentina through its Vaca Muerta formation and Brazil with its vast offshore pre-salt reserves, could become major players in international natural gas markets, but much needs to happen before this can occur, experts said this week.

In a panel discussion at CERAWeek by IHS Markit on Wednesday, Argentina’s Pan American Energy CEO Marcos Bulgheroni said the Vaca Muerta was at an “inflection point.”

He said about $20 billion has been invested over the last decade, and “the investment is paying off.” About 1,200 wells have been drilled, leading to technical efficiencies in drilling. “We have got to a point where I believe we see huge growth potential in production.”

Gas production is about 900 MMcf/d from Vaca Muerta, or about 25% of the country’s current gas...