Australia's Global Energy Ventures is looking to tap into the Brazilian market for its compressed natural gas (CNG) newbuildings.

The company has lined up an order for up to eight new CNG vessels worth $1.12bn at China's CIMC raffles yard.

It is now working with Brazilian consultancty GAIA to "identify, evaluate and develop prospective CNG projects in Brazil."

Technical discussions have been held with several major oil and gas companies operating in Brazil’s Santos and Campos basins, which have an estimated 1bn cbf of associated gas being reinjected.

The areas has "multiple opportunities for marine CNG transportation of associated gas as a commercial alternative to the current implementation of gas re-injection," GEV said.

"Brazil represents an ideal target for a marine CNG project given it has significant offshore associated gas production in close proximity to a well-priced gas market," it added.

GEV has also executed a marketing agreement with GAIA that will provide a success fee to be paid to GAIA based on gas sales volumes transported by its new CNG Optimum ships.

GEV's executive director and chief development officer Garry Triglavcanin said: “We are delighted to appoint GAIA as our Brazil country associate given their extensive experience and network in the Brazilian petroleum industry and also domestic government contacts.

"It is critical to the success of our CNG projects that we have the right local partner to drive discussions with operators, gas buyers and regulatory agencies. We are really excited by the multiple Brazilian opportunities qualified for marine CNG to deliver offshore producers with a commercial solution for their associated gas production."