Seplat Energy to Sell 10% Stake in NNPC Joint Venture Assets for $281.6 Million

Seplat Energy has announced a major transaction with the Nigerian National Petroleum Company (NNPC) Limited, confirming an agreement to sell a 10 percent working interest in the assets held within their joint venture for approximately $281.6 million.

The company disclosed the development in a regulatory filing submitted to the Nigerian Exchange (NGX) on Thursday, providing an update on a transaction that was first announced in September 2025.

According to Seplat Energy, its subsidiaries, Seplat Energy Offshore Limited (SEOL) and Seplat Energy Producing Nigeria Unlimited (SEPNU), have signed a legally binding Heads of Agreement with NNPC Limited to complete the sale of the 10 percent stake in the assets operated under the NNPCL/SEPNU Joint Venture.

The agreed transaction carries a headline value of about $281.6 million and represents roughly 25 percent of the gross purchase consideration, including any contingent payments made by Seplat Energy Offshore Limited during its acquisition of SEPNU.

Once the transaction is completed, SEPNU will continue to play a significant role in the joint venture by retaining a 30 percent working interest while remaining the operator of the assets.

The agreement will also strengthen NNPC Limited’s position in the partnership. Its ownership stake in the joint venture assets will increase from 60 percent to 70 percent, giving the national oil company a larger share in the operations while maintaining the existing operating structure.

Despite the adjustment in the joint venture ownership, Seplat Energy clarified that it will continue to own 100 percent of the share capital of SEPNU, ensuring the company retains full ownership of its subsidiary.

The transaction is expected to be finalized during the second half of 2026, subject to regulatory approvals and the satisfaction of other customary closing conditions. Seplat Energy also confirmed that the effective date of the transaction has been set as April 1, 2026.

The agreement marks another significant step in Seplat Energy’s ongoing partnership with NNPC Limited and reflects the evolving ownership structure within Nigeria’s upstream oil and gas sector. Industry observers believe the transaction could further strengthen collaboration between the two companies while allowing both parties to optimize their respective investments in the joint venture.

With regulatory approvals still pending, investors and stakeholders will be watching closely as the deal moves toward completion later this year. Once finalized, the transaction is expected to reshape the ownership balance within the joint venture while ensuring operational continuity under SEPNU’s leadership.