Bolivia says it is moving forward with plans to nationalize oil and natural gas by November and plans to speed up negotiations with Brazil's state-run energy company Petrobas.

Alvaro Garcia Linera, left, shakes hands with Brazil's President Luiz Inacio Lula da Silva, during meeting at Presidential Palace, in Brasilia

Bolivian Vice President Alvaro Garcia Linera made the announcement following talks on Thursday with Brazilian President Luiz Inacia Lula da Silva.

The move would give Bolivia's state-run energy company a majority share in oil and gas operations.

Relations between the two countries broke down in early May when Bolivian President Evo Morales announced the nationalization of all foreign energy assets in his country.

After Morales' announcement, Brazil's Petrobas said it would cut most investments in Bolivia.

In recent weeks, Petrobas' head of operations in Bolivia Jose Fernando de Freitas), said the nationalization plan has "paralyzed" Bolivia's gas sector.