Carlyle seeks buyers for Colombian oil producer

Published: 2025-03-20 07:57:29 ET CG

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 to create a Mediterranean-focused oil and gas producer is in jeopardy as a crucial regulatory green light from Italy remains outstanding.

(Reporting by Shadia Nasralla, Editing by Louise Heavens)