Carlyle has agreed to sell SierraCol Energy to Prime Infrastructure Capital, marking the private equity firm’s exit from the Colombian oil producer, Reuters reports.

The buyer is the infrastructure investment arm of Filipino businessman Enrique K. Razon Jr. Financial terms of the transaction were not disclosed. 

Carlyle created SierraCol in 2020 after acquiring oil assets in Colombia from Occidental Petroleum. The firm had previously sought around $1.5bn for the business, according to people familiar with the matter.

Since establishing the company, Carlyle has invested roughly $1bn to support operations and stabilise production levels. The company now produces about 77,000 barrels of oil equivalent per day, representing roughly 10% of Colombia’s total oil output.

SierraCol generated $205m in free cash flow in the 12 months to October 2025 and reported net debt of $618m, according to information published by the company.

The transaction highlights continued activity by private equity investors in global energy markets. Carlyle’s energy strategy has historically focused on acquiring carved-out assets from major energy companies and improving operational performance.

Carlyle continues to pursue additional opportunities across the energy sector. Earlier this year, the firm reached a preliminary agreement to acquire most international assets from sanctioned Russian company Lukoil and merge its European refining platform Moeve with the downstream business of Portuguese energy group Galp.

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