By Brazil Stock Guide – Brava Energia (B3: BRAV3) has appointed Luiz Carvalho as its new Chief Financial and Investor Relations Officer, replacing interim CEO Décio Oddone, who had been temporarily holding the role. The appointment was approved by the board of directors on October 22, 2025, and Carvalho is expected to take office in November, following completion of operational procedures.
Carvalho holds a Production Engineering degree from the State University of Rio de Janeiro (UERJ) and executive education certificates from Harvard and Wharton. He brings over two decades of experience in energy and finance, having led Latin America’s Oil, Gas and Petrochemicals coverage at BTG Pactual, UBS, and HSBC. For several consecutive years, he was ranked the #1 Oil and Gas analyst by Institutional Investor in both Brazil and Latin America.
Before moving into finance, Carvalho worked at Shell and Transocean, gaining first-hand experience in fuel distribution and E&P operations. His appointment is viewed as a strategic move to reinforce Brava Energia’s financial credibility amid a period of tighter capital markets and ongoing adjustments in Brazil’s power sector governance framework.
CEO Décio Oddone — former head of Brazil’s oil regulator ANP — said the nomination underscores the company’s commitment to transparency and governance best practices. Brava Energia aims to position itself as a key player in the country’s energy transition, combining operational efficiency with long-term sustainability goals.
Comment made in September
During the Energy Talks program hosted by Agência Eixos on September 15, 2025, Carvalho — then Head of Oil & Gas Research at BTG Pactual — praised Brava Energia’s risk management and capital discipline. He said the company had been “actively hedging production and refinancing expensive debt into more competitive lines” to ensure minimum cash generation even under lower oil-price scenarios.
At a US$ 65 per-barrel base case, he described Brava as “well positioned and doing its homework to stay resilient”, forecasting a second deleveraging phase by 2027 that would allow the company to “look to the future with more optimism and willingness to grow”Luiz Carvalho.
Carvalho also emphasized the alignment between Brava’s management, board, and shareholders, noting that “the company’s strategy is very clear — deleveraging first, execution second.” His remarks underscored a shared philosophy with Décio Oddone who has led Brava’s push for stronger governance and a more balanced portfolio.
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