Executives from Brazilian energy company HRT, TNK-Brazil and state-run energy company Petroleo Brasileiro, or Petrobras, signed a letter of intent last week for natural gas work in the Solimoes Basin.
The Brazilian National Agency of Petroleum said the region holds an estimated 2.4 billion barrels of oil equivalent in proven reserves.
HRT, in a statement to Bloomberg News, said it may share a natural gas pipeline with Petrobras and build fertilizer and power plants to help make money from regional gas deposits.
"The objective is to optimize investments and logistics for all," HRT Chief Financial Officer Carlos Tersandro Adeodato said in the statement.
Petrobras operates the only natural gas pipeline in the area. The company has been working to extract oil in the region since the 1990s.
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.