Carlyle to sell SierraCol Energy to Prime Infrastructure

London, UK - 11 March 2026 - Global investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to sell SierraCol Energy Limited ("SierraCol"), Colombia's largest independent oil and gas exploration and production company, to Prime Infrastructure Capital. The transaction is subject to customary regulatory approvals and is expected to close in Q1 2026.

Carlyle invested in SierraCol in 2020 through Carlyle International Energy Partners ("CIEP"), a private equity fund that invests in energy opportunities globally. Carlyle, in partnership with the SierraCol management team, built SierraCol into a leading standalone Colombian energy company responsible for ~10% of Colombia's gross oil production - all while adding reserves, continually reinvesting in its asset base and decarbonizing operations.

Under Carlyle's investment period, SierraCol invested nearly $1 billion in capital expenditure to generate over 100 mmboe of additional reserves, delivering a reserves replacement ratio of ~135%.[1] SierraCol also successfully executed and integrated value-accretive acquisitions, including CEPSA's (now Moeve) Colombian assets and bought out its minority partner, Repsol, in SierraCol Arauca.

In addition, SierraCol has achieved substantial progress towards its sustainability efforts, reducing Scope 1 and 2 CO₂e emissions by 60% since 2020, eliminating methane emissions by 45% since 2023 and investing over $45 million in local communities since 2021.[2]

Tony Hayward, Executive Chairman of SierraCol, said: "We are grateful for Carlyle's partnership in positioning SierraCol for long-term success and proud of what we have accomplished together. Over the past five years, we have transformed SierraCol into Colombia's largest independent oil and gas producer starting from a carve-out of Occidental's assets. During this time, we executed significant investments, expanded the asset base, and successfully accessed the capital markets twice - establishing a strong platform for the future. We look forward to working with Prime Infrastructure Capital as we enter our next phase of growth."

Bob Maguire, Co-Head of CIEP, said: "SierraCol reflects our conviction that investing in high-quality assets can drive long-term value creation, while playing a key role in Colombia's energy sector. Carlyle supported SierraCol in building a fully standalone Colombian energy company and empowered the business to become a responsible operator, leading employer, and trusted in-country partner to Ecopetrol that will continue to contribute to the longevity of Colombia's energy sector."

Parminder Singh, Managing Director of CIEP, said: "Carlyle's investment in SierraCol represents a excellent case study on how we partner with management teams to deliver operational excellence through continual asset investment and a focus on sustainability, underpinning long-term value for our investors. Together with Tony, CEO Bernardo Ortiz and the wider management team, we are delighted to have scaled these operations into a leading Colombian energy champion, well positioned for continued success under its new ownership."

BofA Securities acted as lead financial advisor while Latham & Watkins LLP served as legal counsel to Carlyle.

1. Capital expenditure, additional reserves and reserves replacement ratio figures refer to the period from 2020 through 2025.
2. Source: SierraCol Sustainability Report disclosures

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About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About SierraCol

SierraCol is the preeminent independent oil and gas company in Colombia. With a strong presence in Colombia's most prolific basins, its asset base includes two giant fields - Caño Limón and La Cira Infantas - producing high-quality crude, connected to key infrastructure and markets. It is the largest independent oil producer in Colombia, with gross operated and co-operated production of c. 77 kboed, representing 10% of Colombia's total oil output. Its 2P reserves of 129 million barrels have a reserve life of 10 years, with a reserves replacement ratio above 100% for the last 9 years. SierraCol sustainably delivers critical energy for Colombia and has a diverse and tangible portfolio of organic growth options. A strong platform for growth in Latin America.

Media Contacts

Carlyle

Andrew Kenny+44 7385 [email protected]