Prime Infra will buy SierraCol Energy, reinforcing foreign investment in oil
This move strengthens the arrival of investors in the country's oil sector. Photo: Courtesy - A.P.I.
TL;DR
- The Carlyle Group is selling its shares in SierraCol Energy to Prime Infrastructure Capital (Prime Infra).
- Prime Infra is a strategic investor from the Philippines with a long-term vision and permanent capital.
- The transaction is subject to precedent conditions and is expected to close in about a month.
- SierraCol affirmed that operations, management, and corporate standards will remain unchanged.
- The company will continue its focus on regional development, especially in the department of Arauca.
- SierraCol Energy operates in the Llanos, Magdalena Medio, and Putumayo basins, holding 22 oil blocks (14 in production, 8 exploratory).
- SierraCol became an independent operator in December 2020 after acquiring Occidental Petroleum's onshore assets in Colombia.
- The company reports proven and probable reserves of 128 million barrels of oil equivalent and produces approximately 45,000 barrels of oil equivalent per day.
- 94% of SierraCol's production is high-quality crude (25-35 API degrees) with low sulfur content.