Seplat Energy Plc has entered into a formal agreement to sell a 10 percent interest in its joint venture assets to the Nigerian National Petroleum Company Limited (NNPC Ltd) for $281.6 million. The transaction, involving Seplat subsidiaries SEOL and SEPNU, is slated for completion in the second half of 2026, retroactive to April 1, 2026, pending regulatory clearance.
Upon finalizing the deal, NNPC Ltd will increase its stake from 60 to 70 percent, while Seplat will maintain a 30 percent working interest and continue its role as operator. Seplat stated that half of the proceeds will be used to pay down debt, with the other half directed toward shareholder returns, including a special transaction dividend of approximately 23.3 US cents per share.
Regarding production, Seplat projects a decrease in its contribution to group output from 80,000 to 65,000 barrels of oil equivalent per day. The firm’s 2030 production goal will also be adjusted downward from 200,000 to 170,000 barrels per day. CEO Roger Brown noted that the partnership remains robust and the divestment strengthens the company’s financial position by lowering debt and improving cash flow availability for investors.
