Carlyle has agreed to sell SierraCol Energy to Prime Infrastructure Capital, the infrastructure investment arm of Filipino businessman Enrique K. Razon Jr., Reuters reports. The transaction marks Carlyle's exit from the Colombian oil producer.

Financial terms were not disclosed. Carlyle created SierraCol in 2020 after acquiring assets from Occidental Petroleum. The firm invested roughly $1bn to stabilize operations and production, now at 77,000 barrels of oil equivalent per day, roughly 10% of Colombia's total output.

SierraCol generated $205m in free cash flow in 2025 and reported net debt of $618m. The deal underscores continued private equity activity in global energy markets. Carlyle's strategy focuses on acquiring carved-out assets and improving operational performance.

The firm continues pursuing opportunities, including a potential acquisition of Russian company Lukoil's international assets.