Ecopetrol Completes $1.2 Billion Brazilian Oil Deal

Colombia's state-owned oil company Ecopetrol has finalized a $1.2 billion acquisition of a 51% stake in Brazil's Brava Energia, significantly bolstering its presence in Latin America's leading oil-producing region. The transaction encompasses roughly 25% of Brava's shares, purchased through a voluntary tender offer, complemented by an additional 26% acquired via an agreement with existing shareholders in April. Ecopetrol had initially offered R$23 per share during the tender process, which concluded successfully.

The acquisition endows Ecopetrol with control over a substantial portfolio of Brazilian offshore and onshore assets. Brava Energia, which produced approximately 78,800 barrels of oil equivalent (boe) per day on average during the first half of 2026, ramped up output to around 84,400 boe in June. The company also reported 459 million barrels of oil equivalent (MMboe) in proved reserves as of the end of 2025, adhering to Production Reserve Measurement System (PRMS) standards.

Prior to the deal, Ecopetrol had characterized Brava as Brazil's second-largest listed independent oil company in terms of reserves and production. At the agreed-upon purchase price of approximately $1.2 billion, Ecopetrol is paying $8.40 per boe of proved reserves and around $6.30 per boe of proved-plus-probable reserves. For the 12 months ending June 2026, Brava generated about $2.34 billion in revenue and $1.05 billion in EBITDA.

This acquisition represents a crucial milestone for Ecopetrol's strategy to expand its operations beyond Colombia's domestic production base. The company has been active in Brazil for over two decades and views the country as a high-growth market offering both existing production assets and future development opportunities. Brava brings Ecopetrol a particularly valuable asset: immediate production, significant reserves, and increased exposure to Brazil's burgeoning oil industry, aligning with the company's goal of strengthening its international portfolio.