Ecopetrol Completes $1.2 Billion Acquisition of Brava Energia in Brazil
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Colombian energy giant Ecopetrol has finalized its acquisition of a controlling 51% stake in Brava Energia for approximately $1.2 billion, marking a major expansion of its upstream operations in Brazil.
The deal was completed after securing all necessary regulatory approvals. It combines shares secured through a voluntary tender offer—accounting for roughly 25% of Brava’s outstanding shares—with an additional 26% acquired via a previously established share purchase agreement from April. Financing for the transaction was provided through an intercompany loan from Ecopetrol Capital AG.
With this acquisition, Ecopetrol gains control over a robust Brazilian oil and gas portfolio characterized by strong production and substantial reserves. During the first half of 2026, Brava’s production averaged 78,800 barrels of oil equivalent per day (boed), rising to 84,400 boed by June.
According to Petroleum Resources Management System standards, Brava held approximately 459 million barrels of oil equivalent (MMboe) in proved (1P) reserves and 605 MMboe in proved plus probable (2P) reserves at the end of 2025. The transaction price reflects an implied valuation of about $8.40 per boe of proved reserves and $6.30 per boe of proved plus probable reserves.
Financially, Brava generated roughly $2.34 billion in revenue and $1.05 billion in EBITDA for the 12-month period ending June 30, 2026.
Ecopetrol noted that the acquisition aligns with its strategy to diversify its hydrocarbons portfolio beyond Colombia, securing immediate production assets and long-term development opportunities in the broader Latin American market.
