(WO) — Ecopetrol has completed its approximately $1.2 billion acquisition of a controlling 51% stake in Brava Energia, significantly expanding the Colombian energy company’s upstream position in Brazil.
The transaction closed following receipt of required regulatory approvals and combines shares acquired through a voluntary tender offer with shares purchased under an April agreement with existing Brava shareholders.
Ecopetrol acquired approximately 25% of Brava’s outstanding shares through the tender offer and another 26% through the previously announced share purchase agreement. The $1.2 billion transaction was funded through an intercompany loan from Ecopetrol Capital AG.
The acquisition gives Ecopetrol control of a Brazilian oil and gas portfolio with substantial existing production and reserves. Brava averaged approximately 78,800 boed during the first six months of 2026, with production increasing to about 84,400 boed in June.
As of year-end 2025, Brava reported approximately 459 MMboe of proved (1P) reserves and 605 MMboe of proved plus probable (2P) reserves under Petroleum Resources Management System standards.
Ecopetrol said the acquisition expands its presence in Brazil while adding producing assets and development opportunities to its hydrocarbons portfolio.
The company paid an implied value of approximately $8.40/boe of Brava’s proved reserves and $6.30/boe of proved plus probable reserves.
For the 12 months ended June 30, 2026, Brava reported approximately $2.34 billion in revenue and $1.05 billion in EBITDA.
The acquisition represents a significant expansion of Ecopetrol’s Brazilian business as the company seeks to diversify its oil and gas asset base beyond Colombia and increase its exposure to production and development opportunities elsewhere in Latin America.
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