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Ecopetrol Acquires 51% Stake in Brava Energia for About $1.2 Billion

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Ecopetrol (EC) completed the acquisition of a controlling 51% stake in Brazil-based Brava Energia for about $1.2 billion, strengthening its presence in Brazil and diversifying its hydrocarbons portfolio, the company said Tuesday.

The transaction included the acquisition of about 25% of Brava through a voluntary tender offer and an additional 26% under a share purchase agreement.

Brava reported 459 million barrels of oil equivalent in proved reserves and average production of 78.8 kboed for the six months ended June 30, Ecopetrol said.

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