Ecopetrol has entered a share purchase agreement with Jive, Yellowstone and Bloco Somah Printemps Quantum to acquire their combined 26% interest in Brazilian oil and gas company Brava Energia, Ecopetrol announced on Thursday.
The deal is subject to Ecopetrol executing additional equity acquisitions to obtain a 51% controlling stake in Brava. To this end, the Colombian firm intends to launch a public tender offer on the B3 stock exchange in Brazil at R$23.00 (USD 4.57) per share of Brava. Ecopetrol said it expects to raise funding for the transaction through a bridge loan.
Brava emerged from the 2024 merger between 3R Petroleum Óleo e Gás and Enauta Participações. The company engages in oil and natural gas production in onshore and offshore acreage in Brazil, and participates in the domestic midstream and downstream segments. According to Ecopetrol’s announcement, Brava reported EBITDA of USD 806 million in 2025, with an EBITDA margin of 39%.
The deal will bring an additional 459 million barrels to Ecopetrol’s 1P reserves and add production of approximately 81,000 boepd, pro-rated as of end-2025.
State-owned Ecopetrol engages in the exploration, production, refining, storage and distribution of hydrocarbons and their derivatives. The company produces approximately 750,000 boepd from more than 350 fields in Colombia and abroad, and it owns refineries in Barrancabermeja and Cartagena with an aggregate processing capacity of 450,000 bpd.
In Brazil, Ecopetrol holds a 30% stake in eleven offshore blocks in the Santos Basin, operated by Shell Brasil Petróleo with 70%. The company also holds a 30% non-operated interest in Gato do Mato and Sul de Gato do Mato.
