LONDON, March 11 (Reuters) - Private equity group

Carlyle has agreed to sell its Colombian oil producer

SierraCol to Prime Infrastructure Capital, the infrastructure

unit of Filipino businessman Enrique K. Razon Jr., for an

undisclosed sum, the U.S. company said on Wednesday.

Carlyle, which set up SierraCol in 2020 after buying assets from

Occidental Petroleum ( OXY ), had sought around $1.5 billion for

the Colombian firm, sources had told Reuters in 2025.

Elsewhere in the oil and gas sector, Carlyle in January reached

a non-binding, initial agreement to buy most international

assets from sanctioned Russian firm Lukoil and merge

its European refining vehicle Moeve with Portuguese energy firm

Galp's downstream business.

"This is where our track record is strong and I expect to

continue that. We have a clear playbook for executing complex

carve-outs and strengthening these businesses," said co-head of

Carlyle International Energy Partners (CIEP), Bob Maguire.

He said CIEP had no fixed views on how much investment to

allocate to downstream or upstream acquisitions.

CIEP managing director Parminder Singh told Reuters that it

has been tough to extract assets from the bigger players in the

current market as majors are keen to boost their own oil and gas

reserves while retrenching on low-carbon projects.

Carlyle said it has invested around $1 billion in SierraCol

since 2020, mainly spending on the firm's existing assets to

stabilise its net production at around 45,000 barrels of oil

equivalent per day and reduce operational emissions.

SierraCol's gross output of 77,000 barrels of oil equivalent

per day makes up around 10% of Colombia's overall production.

SierraCol had $205 million in free cashflow for the 12

months to October 2025 and net debt of $618 million, according

to its website.

Prime Infrastructure runs energy, waste and water

infrastructure.