Seplat Energy has agreed to sell a 10% participating interest in assets held under its joint venture with the Nigerian National Petroleum Company Limited for approximately $281.6 million, providing an update on a transaction first announced in September 2025.
Under the agreement, disclosed in a filing with the Nigerian Exchange, Seplat Energy Offshore Limited and Seplat Energy Producing Nigeria Unlimited signed a legally binding heads of agreement with NNPC covering the stake sale. Seplat said the commercial terms represent about 25% of the gross transaction consideration paid, together with any contingent consideration payable for its earlier acquisition of Mobil Producing Nigeria Unlimited.
Once the deal completes, Seplat Energy Producing Nigeria Unlimited will retain a 30% interest in the joint venture and continue as operator, while NNPC increases its participating interest. Seplat said the transaction, part of a broader effort to optimise its Nigerian upstream portfolio, is expected to strengthen its balance sheet and unlock further value from its asset base.
Source: thesun.ng
