Razon’s Prime Infra buys Colombian oil, gas firm

Filipino tycoon Enrique Razon Jr. is acquiring Colombia’s largest independent oil and gas company.

In a statement, shared to the media by Prime Infrastructure Capital Inc. on Thursday, SierraCol announced a “change in ownership” as global investment firm Carlyle entered into an agreement selling the totality of its shares in the Colombian oil producer to Razon-led Prime Infra.

“The transaction is subject to customary regulatory approvals and is expected to close within the following month,” SierraCol said.

SierraCol is the largest independent oil and gas company in Colombia. With a strong presence in South American country’s most prolific basins, including two giant fields, Caño Limón and La Cira Infantas, which produce high-quality crude.

The company’s production accounts for 10% of Colombia’s total oil output.

"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,” said Tony Hayward, executive chairman of SierraCol.

"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 worldclass leadership team, “said Guillaume Lucci, president and CEO of Prime Infra. 

Lucci said that the “acquisition strengthens our oil and gas expertise and complements our existing asset base in the Philippines.”

“Together, these capabilities position us to operate across the oil and gas value chain — from upstream to downstream, onshore and offshore — and to participate in the sector’s growth against the backdrop of a broader commodities super-cycle,” said the Prime Infra chief.

Prime Infra is a leading infrastructure developer and operator in the Philippines, delivering critical assets locally and in other emerging economies that advance key sustainability priorities, including reliable energy, access to clean water, and modern waste management.

Its energy portfolio includes gas-fired power plants, the Philippines’ only indigenous gas production facility, and large-scale pumped storage projects essential for grid stability, all designed to support energy security and enable the integration of renewable energy. —AOL, GMA Integrated News