Ecopetrol to Gain Controlling Stake in Brazil's Brava Energia

Colombian state‑controlled oil company Ecopetrol, through its Brazilian subsidiary Ecopetrol Investimentos do Brasil, completed an auction on 5 August 2026 for 116,110,717 Brava Energia common shares, representing about 25 % of the Brazilian producer’s capital, at R$23 per share. A prior share‑purchase agreement dated 23 April 2026 for roughly 26 % of Brava at R$24 per share, together with the auction, will give Ecopetrol approximately 51 % of Brava Energia’s voting share capital, securing a controlling interest. Settlement of both transactions is scheduled for 17 August 2026 and will be financed initially by a short‑term bridge facility governed by New York law, to be refinanced later with long‑term debt and equity.

Brava Energia, formed in 2024 from the merger of 3R Petroleum Óleo e Gás and Enauta Participações, is one of Brazil’s largest independent oil and gas producers, averaging about 81,000 barrels of oil equivalent per day across on‑shore and off‑shore basins in Rio de Janeiro, Espírito Santo, Bahia, Rio Grande do Norte and Ceará.