Seplat Energy Plc has signed a legally binding Heads of Agreement with the Nigerian National Petroleum Company Limited (NNPC Ltd) to sell a 10 percent working interest in their joint venture assets for approximately $281.6 million, the company disclosed in a filing on the Nigerian Exchange on Thursday.
The transaction, executed through Seplat’s subsidiaries Seplat Energy Offshore Limited (SEOL) and Seplat Energy Producing Nigeria Unlimited (SEPNU), will see NNPC’s stake in the NNPCL/SEPNU joint venture rise from 60 percent to 70 percent. Seplat will retain a 30 percent working interest and continue as operator of the assets, while maintaining full ownership of SEPNU.
Completion is expected in the second half of 2026, subject to regulatory approvals and other customary conditions, with an effective date of April 1, 2026.
Seplat Energy Chief Executive Officer Roger Brown described the joint venture as one of Nigeria’s most important licence areas, noting that increased development activity since the company assumed operatorship had strengthened production performance. He said the disposal proceeds would support shareholder distributions and reduce financial leverage.
The company indicated it intends to apply roughly half the proceeds to debt reduction, with the balance directed toward shareholder returns.
The divestment coincides with Seplat’s unaudited results for the six months ended June 30, 2026, which showed free cash flow of $526 million, a 30 percent rise in revenue to $1.82 billion, and adjusted EBITDA up 28 percent to $939 million. Net income surged to $164 million. The company said total dividends for 2026 are now expected to reach 68.3 cents per share, or roughly $410 million, partly reflecting the NNPC transaction.
Seplat said the divestment would not affect 2026 production targets for the joint venture. The deal follows discussions first disclosed in September 2025 during the company’s Capital Markets Day, where it outlined plans to grow production toward 200,000 barrels of oil equivalent per day by 2030.
