Ecopetrol has completed the acquisition of approximately 51% of Brava Energia’s outstanding voting shares for approximately $1.2 billion, significantly expanding its oil and gas production and reserves base in Brazil.
The acquisition was completed through Ecopetrol Investimentos do Brasil following receipt of applicable regulatory approvals and satisfaction of the transaction’s other closing conditions.
Ecopetrol acquired 116.1 million Brava shares representing approximately 25% of the company through a voluntary tender offer on Brazil’s B3 stock exchange.
It separately acquired approximately 120.8 million shares, representing another 26%, under an April 23 share purchase agreement with existing Brava shareholders.
The aggregate consideration was approximately $1.2 billion and was funded through an intercompany loan from Ecopetrol Capital AG.
Brava adds a substantial producing asset base and development portfolio to Ecopetrol’s Brazilian operations.
As of December 31, 2025, Brava reported approximately 459 million barrels of oil equivalent of proved reserves and approximately 605 million barrels of proved plus probable reserves.
Average production was approximately 78,800 barrels of oil equivalent per day during the first six months of 2026.
Production increased to approximately 84,400 barrels of oil equivalent per day in June.
The transaction implies a price of approximately $8.40 per barrel of proved reserves and $6.30 per barrel of proved plus probable reserves.
The implied transaction value was also approximately $45,700 per barrel of oil equivalent of daily production.
For the 12 months ended June 30, 2026, Brava reported approximately $2.34 billion in revenue, $1.05 billion of EBITDA and $122.2 million of net income, based on unaudited financial information cited by Ecopetrol.
Ecopetrol sees the transaction as part of its strategy to build a more geographically and operationally diversified portfolio while adding assets capable of supporting sustained cash generation and long-term growth.
