Seplat to sell 10% JV stake to NNPC for $281.6m

Seplat Energy has agreed to sell a 10 per cent interest in its NNPC/Seplat Energy Producing Nigeria Unlimited joint venture to NNPC Limited for $281.6 million.

The deal was disclosed in Seplat’s unaudited half-year results and is expected to close in the second half of 2026, subject to the usual approvals.

Punch reported that Seplat said the transaction value represents about 25 per cent of its acquisition costs to date. The company said the proceeds would be split roughly equally between a special dividend for shareholders and debt repayment after completion.

The company also said the agreement could raise expected total dividends for 2026 to 68.3 cents per share, or about $410 million.

Seplat kept its 2026 production guidance at 135,000 to 155,000 barrels of oil equivalent per day. It also retained capital expenditure guidance of $360 million to $440 million, while raising unit operating cost guidance to between $14.5 and $15.5 per barrel of oil equivalent because of higher Yoho restoration costs.

The transaction comes after Seplat reported stronger half-year figures, including revenue of $1.82 billion and profit after tax of $164 million.

Sources: Premium Times, Punch