LONDON, March 20 (Reuters) – Private equity group Carlyle (CG.O), opens new tab is seeking a buyer for its Colombian oil producer SierraCol for around $1.5 billion, according to people 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 12 months to September was $172 million and net debt stood at $511 million last year, according to a presentation on SierraCol’s website.
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.
Five years is a usual time frame for private equity funds to monetise assets after upgrading them by, for example, increasing the reserve base of fields and setting them up for further growth.
A deal for it to buy assets in Italy, Egypt and Croatia from Energean (ENOG.L), opens new tab to create a Mediterranean-focused oil and gas producer is in jeopardy as a crucial regulatory approval from Italy remains outstanding.
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