Brazil’s state-run energy firm Petrobras is examining the possibility of exporting LNG to markets in Asia, Bloomberg reported.

Brazil boasts huge offshore ultra-deepwater oil and gas reservoirs, however the South American country has, up to this point, chosen to re-inject over half of its gas into oil wells to raise production of crude.

However, that could change as the company’s CEO Magda Chambriard told reporters at a news briefing in Singapore that the firm is in negotiations with Singapore’s Seatrium.

The Singapore-base shipbuilder has a strong business relationship with Petrobras having built several floating production, storage, and offloading (FPSO) units for the Brazilian company.

The Seatrium shipyard has built a fleet of six FPSOs for Brazil’s Búzios oil field, located 180 kilometers offshore from Rio de Janeiro in the Santos Basin. The Singaporean company has also been contracted to build topside modules for a next-generation FPSO that will be deployed at the Atapu field.

Despite hinting at making a splash in the LNG exports market, Chambriard remained coy about a schedule for beginning exports and how much funds the Brazilian energy giant would invest.

Domestically, LNG prices soared when the Middle East conflict erupted between Iran, Israel and the US. Brazil saw LNG prices climb by over 70% in March. 

Brazil started importing the super-chilled fuel in the 2000s as it expanded gas supply for thermal generation. Petrobras installed regasification terminals in Rio de Janeiro, Fortaleza and Salvador, with Brazil now operating six LNG terminals.

A lucrative LNG market has emerged as 20% of supply has been blocked by Iran’s closing of the Strait of Hormuz and long-term damage to liquefaction units will require years of repairs at QatarEnergy’s Ras Laffan industrial complex.

Brazil’s shift to an exporter of LNG would follow the path of another South American country, Argentina, which is in the midst of transitioning to being an LNG exporter as it develops the Vaca Muerta shale basin.