Ecopetrol agrees to acquire equity stake in Brava Energia with plans for increased ownership
State-owned Ecopetrol SA, Bogotá, Colombia, has agreed to acquire a 26% equity stake in Brava Energia SA from a group of shareholders and plans to launch a tender offer to increase its ownership to 51%, which would give it control of the Brazilian oil and gas independent.
The move would add exposure to roughly 81,000 boe/d of production and 459 MMboe of reserves, expanding Ecopetrol’s footprint in Brazil.
Ecopetrol entered into share purchase agreement with Jive, Yellowstone, and Bloco Somah Printemps Quantum, which together constitute a group holding about 26% of the outstanding common shares of Brava Energia.
Brava Energia, the second-largest independent company listed in the Brazilian market in terms of reserves and production, was incorporated in 2024 from the merger between 3R Petroleum Óleo e Gás SA and Enauta Participações SA.
Completion of the deal is subject to certain conditions, 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 purchase by Ecopetrol SA, or one of its affiliates or subsidiaries within the Ecopetrol Group, of the number of shares required to achieve a 51% controlling stake of Brava's voting share capital.
Ecopetrol plans to launch a voluntary tender offer on the B3 stock exchange in Brazil to buy additional shares to reach 51% controlling stake at R$23.00 per share, subject to regulatory requirements and certain conditions.
Ecopetrol in Brazil
In Brazil, Ecopetrol, through subsidiary Ecopetrol Óleo e Gás do Brasil Ltda., holds 30% interest in 11 blocks in the southern area of Santos basin in consortium with Shell Brasil Petróleo Ltda. (operator, 70%).
The company also holds a 30% non-operated interest in Gato do Mato (BM-S-54) and Sul de Gato do Mato (production sharing agreement), which were acquired from Shell, the operator, in October 2019. A final investment decision (FID) was made in March 2025, and first oil production is expected by 2029.
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Mikaila Adams
Managing Editor, Content Strategist
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was later named Managing Editor - News. Her role has expanded into content strategy. She holds a degree from Texas Tech University.