Seplat to sell 10% JV stake to NNPC for $281.6m

Seplat Energy Plc has agreed to sell a 10 per cent participating interest in assets held under its joint venture with the Nigerian National Petroleum Company Limited (NNPC) for about $281.6 million.

The company disclosed the transaction in a filing with the Nigerian Exchange (NGX) on Thursday, providing an update on the deal first announced in September 2025.

Under the agreement, Seplat Energy Offshore Limited (SEOL) and Seplat Energy Producing Nigeria Unlimited (SEPNU) have signed a legally binding heads of agreement with NNPC for the sale of the 10 per cent working interest in assets held by the NNPCL/SEPNU joint venture.

Seplat said the transaction has a headline value of approximately $281.6 million.

The company explained that the commercial terms represent about 25 per cent of the gross transaction consideration paid, together with any contingent consideration payable by SEOL for its acquisition of SEPNU.

Following completion of the transaction, SEPNU will retain a 30 per cent interest in the joint venture assets and continue as operator, while NNPC will increase its interest in the assets.

The transaction is expected to strengthen Seplat’s balance sheet and unlock value from its Nigerian upstream portfolio.

Seplat had earlier announced the proposed sale as part of efforts to optimise its asset portfolio following its acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil.

The company’s latest filing marks a significant step towards completing the transaction, subject to the required conditions and approvals.

The deal also underscores the evolving ownership structure of Nigeria’s upstream oil assets, with NNPC increasing its participating interest in the joint venture while Seplat maintains operatorship.

Seplat Energy is one of Nigeria’s leading independent energy companies, with interests spanning oil and gas exploration and production.