Colombia’s state-run petroleum company, Ecopetrol, is set to acquire a stake of around 26% in Brava Energia, a Brazilian oil and gas producer.
Ecopetrol has signed a share purchase agreement (SPA) with Brava Energia’s shareholders Jive, Yellowstone and Bloco Somah Printemps Quantum.
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Through the deal, Ecopetrol aims to eventually claim a majority stake in Brava Energia.
The transaction involves the purchase of around 120.81 million shares, which will provide Ecopetrol, or an affiliate or subsidiary within the Ecopetrol Group, an interest in Brava Energia.
Finalisation of the transaction depends on various standard conditions being fulfilled. These include approval from Brazil’s Administrative Council for Economic Defence and obtaining necessary waivers and consents related to Brava Energia’s financing arrangements and commercial agreements.
Ecopetrol, or an affiliate or subsidiary within the Ecopetrol Group, plans to launch a voluntary tender offer on Brazil’s B3 exchange at 23 reais ($4.56) per share. The offer is intended to acquire the additional Brava Energia shares needed to reach a 51% equity stake in the company.
Brava Energia was formed in 2024 following a merger between 3R Petroleum Óleo e Gás and Enauta Participações, both of which operate in Brazil’s oil and gas sector.
The company engages in crude oil and natural gas production in various offshore and onshore Brazilian fields and is involved in midstream and downstream activities.
As of December 2025, Brava Energia recorded earnings before interest, taxes, depreciation and amortisation (EBITDA) of $806m and an EBITDA margin of 39%.
Public filings show that Brava Energia ranks as the second-largest independent oil and gas company by reserves and production on the Brazilian stock market.
As of year-end 2025, the company held total reserves of 459 million barrels of oil equivalent and reported an average daily output of around 81,000 barrels of oil equivalent.
Ecopetrol, or a related entity within the Ecopetrol Group, plans to finance the transaction through a bridge loan, provided that the required conditions for completion are met.
Following the deal, Ecopetrol expects to include a pro-rata share of Brava Energia’s proven reserves and production in its consolidated results, in line with its current holding and according to the Petroleum Resources Management System standard.
The planned acquisition aligns with Ecopetrol’s 2040 strategy. Once closed, it is expected to affect financial metrics such as return on average capital employed and EBITDA, while expanding the Colombian group’s presence and portfolio in Brazil.
