(WO) – Ecopetrol has agreed to acquire an initial equity stake in Brava Energia as part of a broader plan to secure a controlling interest and expand its upstream footprint in Brazil.
Under the agreement, Ecopetrol will purchase approximately 26% of Brava’s outstanding shares from a group of existing shareholders. The company also plans to launch a tender offer to acquire additional shares, with the goal of reaching a 51% controlling stake, subject to regulatory approvals and other customary conditions.
Brava was formed in 2024 through the merger of 3R Petroleum and Enauta and operates a diversified portfolio of offshore and onshore oil and gas assets across multiple Brazilian basins. The company reported average production of about 81,000 boed in 2025 and holds approximately 459 MMboe of reserves.
Ecopetrol said the transaction would allow it to add proportional reserves and production, supporting long-term output sustainability and cash flow generation. The move also strengthens its presence in Brazil, a core growth market where the company already maintains operations.
The acquisition aligns with Ecopetrol’s broader strategy to diversify its asset base and expand internationally, while maintaining capital discipline. The company expects to fund the transaction through a bridge loan, with closing subject to approval by Brazil’s competition authority and other requirements.
If completed, the deal would position Ecopetrol with a larger and more diversified upstream portfolio, anchored by producing and development assets in one of Latin America’s most active oil and gas markets.
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