Prime Infrastructure Capital, Inc. (Prime Infra) has agreed to buy out the entire stake of global investment firm Carlyle in SierraCol Energy Limited, marking a change in ownership in the Colombian oil and gas company and Prime Infra’s expansion into the global market.

Under the agreement, Carlyle will sell all of its shares in SierraCol to Prime Infra. The transaction is still subject to customary regulatory approvals, but is expected to be completed within the month.

SierraCol Executive Chairman Tony Hayward thanked Carlyle for its support over the past five years and welcomed Prime Infra as its new strategic investor.

“I would like to thank Carlyle for the support and strategic guidance they have provided over the past five years, which has enabled us to develop SierraCol into the distinctive company it is today. I am also delighted to welcome Prime Infra, a strategic investor who will contribute to the sustainability of the business and provide SierraCol with access to long term capital,” Hayward said.

Prime Infra President and CEO Guillaume Lucci said the acquisition improves Prime Infra’s oil and gas capabilities while also complementing its Philippine assets.

“We are excited to have acquired SierraCol, the preeminent independent oil and gas company in Colombia, with a portfolio of high-quality assets and a world-class leadership team,” Lucci said.

Lucci added that the new acquisition will position the company to better operate across the oil and gas value chain, from upstream and downstream as well as onshore and offshore.

SierraCol is the largest independent oil producer in Colombia, with gross operated and co-operated production of about 77,000 barrels of oil equivalent per day, which represents around 10% of the country’s total oil output.

Its asset portfolio includes the Caño Limón and La Cira Infantas fields, two major producing assets in Colombia connected to key infrastructure and markets.

The company also holds 2P reserves of about 129 million barrels, with a reserve life of approximately 10 years and a reserves replacement ratio above 100 percent over the past nine years.

For its part, the SierraCol acquisition is relevant to Filipino stakeholders as it signals a Philippine-based energy player expanding its presence in the global oil and gas sector while strengthening its capabilities across the energy value chain.

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