Carlyle to Sell Colombian Oil Firm to Prime Infrastructure

Private equity firm Carlyle has reached an agreement to sell its Colombia oil producer, SierraCol, to Prime Infrastructure Capital. Prime Infrastructure is the infrastructure arm of the Philippines businessman Enrique K. Razon Jr. While the specific sale price was not disclosed, previous reports indicated that the United States firm had sought approximately $1.5 billion for the asset. Carlyle established SierraCol in 2020 following the acquisition of assets from Occidental Petroleum. Since then, the firm has invested roughly $1 billion to stabilize production and lower operational emissions. Currently, SierraCol produces a gross output of 77,000 barrels of oil equivalent per day, representing about 10% of the total production in the country. For the 12 months ending October 2025, the company reported $205 million in free cash flow and a net debt of $618 million. The divestment comes as Carlyle International Energy Partners (CIEP) continues to reshape its portfolio. In January, the group entered a non-binding agreement to acquire international assets from the sanctioned Russia energy giant PJSC Lukoil. Additionally, Carlyle plans to merge its European refining entity, Moeve, with the downstream business of the Portugal energy company GALP ENERGIA SGPS SA. > "This is where our track record is strong and I expect to continue that." Bob Maguire, co-head of CIEP, noted that the firm maintains a clear strategy for executing complex carve-outs and strengthening businesses. He added that the group does not have a fixed allocation for upstream versus downstream acquisitions. CIEP managing director Parminder Singh explained that acquiring assets from major industry players has become increasingly difficult, as majors are currently focused on boosting their own oil and gas reserves while scaling back on low-carbon initiatives.