Razon-backed Prime Infrastructure Capital has agreed to acquire SierraCol Energy Limited from The Carlyle Group, the investment firm said in a statement on Wednesday that.
The deal hands Prime Infra control of a company responsible for roughly 10 percent of Colombia’s oil production and marks a significant overseas expansion for a group whose energy investments have largely been concentrated in the Philippines.
The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2026. Terms were not disclosed.
$1 billion invested in operations
During its ownership, SierraCol invested nearly $1 billion in capital expenditure and added more than 100 million barrels of oil equivalent in reserves.
Carlyle acquired SierraCol in 2020 and built it into a standalone Colombian energy company after carving the assets out of Occidental.
It generates about 77,000 barrels of oil equivalent per day with an asset base that spans major fields such as Caño Limón and La Cira Infantas, holding about 129 million barrels of proven and probable reserves with a reserve life of around 10 years.
Razon’s energy empire goes international
The move signals an effort to build a global energy platform, echoing the international expansion of his ports empire through International Container Terminal Services Inc.
Through Prime Infra, Razon controls key assets such as the Malampaya deep water gas-to-power project and Manila Water Co., one of the Philippines’ largest water concessionaires.
Over the past two years, Razon and the Lopez family have been trading stakes in each other’s energy assets as they reshape their power portfolios.
In 2025, Razon’s Prime Infrastructure acquired a 60 percent stake in First Gen’s gas business for about P50 billion, while First Gen is now investing P61.875 billion for a minority stake in Razon’s pumped-storage hydropower projects.
—Edited by Miguel R. Camus
