Seplat Energy Plc has signed a binding Heads of Agreement with the Nigerian National Petroleum Company Ltd (NNPC) to sell a 10 per cent working interest in the NNPC/Seplat Energy Producing Nigeria Unlimited (SEPNU) Joint Venture for $281.6 million (₦384.38 billion).
The company disclosed this in a corporate filing with the Nigerian Exchange Ltd on Thursday.
Seplat said the agreement was executed through its subsidiaries, Seplat Energy Offshore Ltd and Seplat Energy Producing Nigeria Unlimited (SEPNU), following earlier discussions with NNPC.
It said the transaction remained subject to regulatory approvals and other customary conditions, with completion expected in the second half of 2026. The effective date of the transaction is 1 April.
Upon completion, Seplat will retain a 30 per cent working interest in the joint venture and continue as operator, while NNPC’s interest will increase from 60 per cent to 70 per cent.
