NNPC Set to Acquire Seplat 10% Joint Venture for $281.6m

NNPC Set to Acquire Seplat 10% Joint Venture for $281.6m

Seplat Energy Plc has announced an agreement to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture to the Nigerian National Petroleum Company Limited for $281.6m, saying the transaction is expected to enhance shareholder returns and strengthen its balance sheet.

The company disclosed this on Thursday in its unaudited financial results for the six months ended June 30, 2026, noting that the deal is due to be completed in the second half of the year.

According to Seplat, the headline transaction value of $281.6m represents about 25 per cent of its acquisition costs to date. It added that, upon completion, the proceeds would be split approximately equally between a special dividend for shareholders and debt repayment.

“The agreement reached with NNPC Limited to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture is expected to further enhance shareholder returns, bringing the total expected dividend for 2026 to USD 68.3 cents/share ($410m),” the company stated.

Providing further details, Seplat said, “Agreement reached to sell a 10% interest in NNPCL-SEPNU JV to NNPC Ltd. The headline transaction value of $281.6m represents 25 per cent of Seplat’s acquisition costs to date. Completion is expected in 2H 2026. Upon completion, proceeds will be split ~50:50 between a transaction dividend and debt repayment.”

The company said its 2026 production guidance remains unchanged at between 135,000 and 155,000 barrels of oil equivalent per day, adding that production is tracking towards the midpoint of the range.

It also retained its capital expenditure guidance of between $360m and $440m for the year, although spending is expected to be weighted towards the second half of 2026.

Seplat,…