Colombia’s state-owned oil and gas company, Ecopetrol, has taken a step to expand its presence in Brazil’s energy scene with a move that will enable it to acquire a stake in the country’s oil and gas company Brava Energia.
Ecopetrol has entered into a share purchase agreement with Jive, Yellowstone and Bloco Somah Printemps Quantum, which together constitute a group of major shareholders owning approximately 26% of the outstanding common shares of Brava Energia, to acquire 120,813,490 shares in the Brazilian company, representing approximately 26% of its capital, which will be acquired by the Colombian player or one of its subsidiaries or affiliates within the Ecopetrol Group.
The completion of the acquisition is subject to certain customary conditions precedent, including, among others, the approval of the Brazilian Administrative Council for Economic Defense (CADE), the grant of certain waivers and approvals in consideration of Brava’s financing instruments and related commercial agreements, as well as the purchase by Ecopetrol Group of the number of shares required to achieve a controlling interest of 51% of the voting capital of the Brazilian company.
Brava, which was formed in 2024 from the merger of 3R Petroleum Óleo e Gás and Enauta Participações, currently undertakes crude oil and natural gas production activities in offshore and onshore fields across multiple basins in Brazil and is involved in the midstream and downstream sectors.
The company reported EBITDA of $806 million as of December 2025, with an EBITDA margin of 39%. This company is believed to be the second largest independent company listed on the Brazilian market in terms of reserves and production. Ecopetrol expects to secure the financing required to complete the transaction through a bridge loan, provided that the applicable conditions precedent are met.
Upon completion of the transaction, Ecopetrol Group will consolidate 1P proportionate reserves based on its ownership interests in Brava’s total reported reserves of 459 million barrels of oil equivalent (boe) as of end-2025, under the Petroleum Resources Management System (PRMS) standard, across a diversified portfolio of offshore and onshore assets.
The Colombian player confirmed that the acquisition will allow the immediate addition of proportional production from the Brazilian company’s reported average production of approximately 81,000 barrels of oil equivalent per day (boed) in 2025, enhancing the sustainability of production and generating cash flow in a geographic area where the former already has an established presence.
According to Ecopetrol, this deal will expand its investment portfolio in Brazil, diversify its asset base in a high-growth region and strengthen its international portfolio.
Last year, the company chose to do so evaluationfood Its strategy for gas projects in the southern Caribbean after Shell decided to withdraw from its offshore assets that it manages.
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