Colombia’s state-owned oil and gas company Ecopetrol has taken a step to expand its footprint in Brazil’s energy landscape with a move that will enable it to get an equity interest in the country’s oil and gas player Brava Energia.

Ecopetrol has entered into a share purchase agreement with Jive, Yellowstone and Bloco Somah Printemps Quantum, which together constitute a group of significant shareholders holding approximately 26% of the outstanding common shares of the Brava Energia for the acquisition of 120,813,490 shares of the Brazilian firm, representing approximately 26% of its share capital, which is to be obtained by the Colombian player or one of its affiliates or subsidiaries within the Ecopetrol Group.

The completion of the acquisition is subject to certain customary conditions precedent, including, among others, approval by Brazil’s Administrative Council for Economic Defense (CADE), the grant of certain waivers and consents considering Brava’s financing instruments and relevant commercial agreements, as well as the Ecopetrol Group’s purchase of the number of shares required to achieve a 51% controlling stake of the Brazilian firm’s voting share capital.

Brava, which was incorporated in 2024 from the merger between 3R Petroleum Óleo e Gás and Enauta Participações, currently conducts crude oil and natural gas production activities in offshore and onshore fields across multiple basins in Brazil and participates in the midstream and downstream segments.

The firm reported EBITDA of $806 million as of December 2025, with an EBITDA margin of 39%. This company is believed to be positioned as the second-largest independent player listed on the Brazilian market in terms of reserves and production. Ecopetrol expects to secure the funding required to consummate the transaction through a bridge loan, subject to the fulfillment of the applicable conditions precedent. 

Upon completion of the transaction, the Ecopetrol Group would incorporate pro–rata 1P reserves based on its ownership interest from Brava’s total reported reserves of 459 million barrels of oil equivalent (boe) as of year-end 2025, under the Petroleum Resources Management System (PRMS) standard, through a diversified portfolio of offshore and onshore assets.

The Colombian player underlined that the acquisition would allow the immediate addition of pro–rata production from the Brazilian company’s average reported production of approximately 81,000 barrels of oil equivalent per day (boed) in 2025, strengthening production sustainability and cash flow generation in a geography where the former already has an established presence.

According to Ecopetrol, this transaction would enlarge its portfolio in Brazil, diversifying its asset base in a high–growth region and strengthening its international portfolio.

Last year, the company opted to evaluate its strategy for gas projects in the Southern Caribbean after Shell decided to withdraw from its operated offshore assets.

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