Colombia's Ecopetrol Acquires Controlling Stake in Brava Energia for Approximately $1.2 Billion

en.Wedoany.com Reported - Colombia's national oil company, Ecopetrol, has completed the acquisition of a controlling interest in Brava Energia, representing approximately 51% of the latter's issued voting share capital. The transaction had previously satisfied all applicable regulatory approvals and other necessary conditions.

Ecopetrol stated that this acquisition expands its oil and gas footprint in one of the most dynamic energy markets in South America's energy sector, adding a substantial reserve and production base aimed at enhancing its ability to generate long-term value for shareholders.

The total consideration for the transaction is approximately $1.2 billion, funded through an intercompany loan provided by Ecopetrol Capital, another subsidiary of Ecopetrol.

Brava brings a complementary asset base to the Ecopetrol group, including producing assets and development opportunities. The company believes this will enhance the geographic and operational diversification of its oil and gas business.

As of December 31, 2025, the acquisition brings estimated proved reserves (1P) of approximately 459 million barrels of oil equivalent (boe) and estimated proved plus probable reserves (2P) of approximately 605 million boe.

Brava reported unaudited revenue of approximately $2.34 billion, EBITDA of approximately $1.05 billion, and net income of approximately $122.2 million for the twelve months ended June 30, 2026.

For the six months ended June 30, 2026, its average daily production was approximately 78.8 thousand barrels of oil equivalent per day (kboed); daily production in June 2026 was approximately 84.4 kboed.

Ecopetrol believes the transaction complements its strategy of building a resilient, competitive, and diversified portfolio, supported by high-quality assets, sustained cash generation, and long-term profitable growth.

The acquisition was completed two weeks after Brazil's national oil company, Petrobras, and this Colombian enterprise discovered natural gas in the Sandia-1 exploration well in the GUA-OFF-O block in Colombia's offshore deep waters.