Brazilian energy company HRT said Friday it was working with Russian energy company Rosneft on a work plan for the monetization of liquefied natural gas.

Startup HRT in July signed memorandum of understanding with the Brazilian subsidiary of Rosneft and Brazilian state-owned energy company Petróleo Brasileiro, known also as Petrobras, for the monetization of gas in the Solimoes basin in the Amazonian jungle.

HRT in its latest earnings report said the parties are working on ways to make LNG envisioned under the agreement a reality.

"In the coming months, HRT, Rosneft and Petrobras will submit a work plan for the gas monetization project that will establish the steps and responsibilities, prioritizing the options in the scope of natural gas converted to LNG and the electric power generation, both of which are critical inputs for the development of the region and the country," HRT said in its report.

The Brazilian National Agency of Petroleum in 2012 said the region holds an estimated 2.4 billion barrels of oil equivalent in proven reserves.

HRT made no reference to sanctions issued by Western governments against Rosneft. Punitive sanctions were issued in response to Russia's position on simmering crises in Ukraine.