Colombia's state-controlled oil company Ecopetrol (NYSE: EC) has completed its roughly $1.2 billion acquisition of a controlling 51% stake in Brazil's Brava Energia, significantly expanding its position in one of Latin America's most important oil-producing markets. The deal combines approximately 25% of Brava's shares acquired through a voluntary tender offer with another 26% purchased under an agreement reached with existing shareholders in April. Ecopetrol had offered R$23 per share in the tender and said earlier this month that the auction had been successfully completed.
The acquisition gives Ecopetrol control of a sizeable portfolio of Brazilian offshore and onshore assets. Brava produced an average of around 78,800 barrels of oil equivalent per day (boed) during the first half of 2026, rising to approximately 84,400 boed in June. Brava also reported 459 million barrels of oil equivalent (MMboe) of proved reserves at the end of 2025 under PRMS standards.
Ecopetrol previously described Brava as Brazil's second-largest listed independent oil company by reserves and production. At the approximately $1.2 billion purchase price, Ecopetrol is paying an implied $8.40 per boe of proved reserves and around $6.30 per boe of proved-plus-probable reserves. Brava generated approximately $2.34 billion in revenue and $1.05 billion in EBITDA during the 12 months through June 2026.
The acquisition marks a major step in Ecopetrol's strategy to diversify beyond its Colombian production base. The company has operated in Brazil for more than two decades and sees the country as a high-growth market offering both producing assets and future development opportunities. For Ecopetrol, Brava brings something particularly valuable: immediate production, substantial reserves and greater exposure to Brazil's expanding oil industry at a time when the company is looking to strengthen its international portfolio.
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