Ecopetrol Expands its Presence in Brazil’s Oil Market

Colombia’s state-controlled oil company, Ecopetrol, has successfully completed its acquisition of a controlling 51% stake in Brazil’s Brava Energia for approximately $1.2 billion. This significant deal marks a major step in Ecopetrol’s strategy to diversify beyond its Colombian production base and establish a stronger presence in one of Latin America’s most important oil-producing markets.

Source: s.yimg.com

The acquisition 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 announced earlier this month that the auction had been successfully completed.

The deal 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. The company also reported 459 million barrels of oil equivalent (MMboe) of proved reserves at the end of 2025 under PRMS standards.

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 significant expansion of Ecopetrol’s international portfolio, which has been a key focus for the company in recent years. By acquiring Brava, Ecopetrol gains immediate production, substantial reserves, and greater exposure to Brazil’s expanding oil industry.

Ecopetrol has been operating in Brazil for over two decades and sees the country as a high-growth market offering both producing assets and future development opportunities. The acquisition of Brava is a strategic move to strengthen Ecopetrol’s position in the region and capitalize on the growing demand for oil in Brazil.

With its expanded presence in Brazil, Ecopetrol is well-positioned to take advantage of the country’s growing oil industry and contribute to the country’s energy security. The acquisition is a significant milestone in Ecopetrol’s history and marks a major step in the company’s strategy to become a leading player in the global oil market.