LONDON, March 20 (Reuters) - Private equity group

Carlyle is seeking a buyer for its Colombian oil producer

SierraCol for around $1.5 billion, according to sources with

knowledge of the matter.

Carlyle set up SierraCol in 2020 after buying assets from

Occidental Petroleum and its production of 45,000 barrels of oil

equivalent per day make it the largest independent producer in

Colombia.

Its free cash flow in the twelve months to September was

$172 million and net debt stood at $511 million last year,

according to a presentation on SierraCol's website.

Carlyle declined to comment.

It has over the past decade acquired, grown and sold several

oil and gas companies, including Neptune Energy in the North Sea

and Assala Energy in Gabon.

A deal for it to buy assets in Italy, Egypt and Croatia from

Energean ( EERGF ) to create a Mediterranean-focused oil and gas

producer is in jeopardy as a crucial regulatory green light from

Italy remains outstanding.