Ecopetrol Gains Control of Brazil's Brava Energia in $1.2 Billion Deal

The transaction was executed through a dual-track process involving a voluntary tender offer on the B3 stock exchange and a direct share purchase agreement. Ecopetrol Investimentos, a subsidiary of the Colombian firm, secured 25% of Brava’s voting capital via the tender offer and an additional 26% through a pre-negotiated agreement finalized on April 23, 2026.

Brava Energia brings a substantial asset base to the group, including estimated proved reserves of 459 million barrels of oil equivalent and proved-plus-probable reserves totaling 605 million barrels. As of June 2026, the company reported average daily production of 84.4 thousand barrels of oil equivalent. Financially, Brava recorded US$2.341 billion in revenue and US$1.050 billion in EBITDA for the twelve-month period ending June 30, 2026. Ecopetrol intends to integrate these assets to enhance its operational footprint across the continent, with an investor update call scheduled for August 25, 2026.