Seplat Energy has entered into an agreement with the Nigerian National Petroleum Company (NNPC) Limited to sell a 10 per cent stake in the assets held under the NNPC Limited/Seplat Energy Producing Nigeria Unlimited (SEPNU) Joint Venture in a deal valued at $281 million.
The company disclosed the transaction in a regulatory filing submitted to the Nigerian Exchange (NGX) on Thursday.
According to Seplat Energy, the agreement forms part of its ongoing portfolio optimisation strategy and is expected to further strengthen its partnership with NNPC Limited while supporting the efficient management of the joint venture’s upstream oil and gas assets.
The transaction remains subject to the fulfilment of customary conditions and any required regulatory approvals before it can be completed.
Once finalised, the deal will see NNPC Limited increase its ownership interest in the joint venture, reinforcing its position in the strategic upstream assets while providing Seplat Energy with additional capital to support its business objectives.
