Executives from Brazilian energy company HRT, TNK-Brazil and state-run energy company Petroleo Brasileiro, or Petrobras, signed the letter of intent for natural gas work in the Solimoes Basin in the presence of Omar Aziz, governor of the Brazilian state of Amazonas.
The Brazilian National Agency of Petroleum said the region holds an estimated 2.4 billion barrels of oil equivalent in proven reserves.
HRT said the letter of intent calls for the development of a work plan within 30 days. It also combines a series of legal and regulatory aspects in order to facilitate natural gas monetization, the company said.
During the summer, HRT announced a discovery of natural gas in the region was an important step on the way to developing gas in the Amazon region.
Previous efforts to find natural gas came up empty for the company.