Seplat to Sell 10% Stake in NNPC Joint Venture for $281.6m

Seplat Energy has agreed to sell a 10% working interest in its joint venture with NNPC Ltd. for $281.6 million, subject to regulatory approvals and other closing conditions. The deal is expected to be completed in the second half of 2026, with an effective date of April 1, 2026. After completion, NNPC Ltd.’s stake in the NNPCL/Seplat Energy Producing Nigeria Unlimited joint venture will rise from 60% to 70%. SEPNU will retain a 30% interest and remain the operator, while Seplat Energy will continue to own SEPNU بالكامل. Seplat plans to use about half of the proceeds to reduce debt and distribute roughly $140 million as a special cash dividend to shareholders. The company said the transaction will not affect the joint venture’s 2026 production target, although its 2030 production target will be revised downward to 170,000 barrels of oil equivalent per day.

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