Seplat Energy has confirmed ongoing talks with the Nigerian National Petroleum Company Limited (NNPCL) over a potential sale of a 10% interest in their joint venture, Seplat Energy Producing Nigeria Unlimited (SEPNU).
If completed, the deal would leave Seplat with a 30% stake and NNPCL with 70%, while Seplat continues as the operator.
The proposed transaction remains subject to both parties agreeing on terms and executing a formal agreement. Seplat CEO, Roger Brown, said, “Our focus remains on driving value creation and operational excellence across Nigeria’s energy sector.”
This follows Seplat’s December 2024 acquisition of Mobil Producing Nigeria Unlimited (now SEPNU) from ExxonMobil for $1.28 billion. The purchase added significant offshore shallow water assets, several Oil Mining Leases (OMLs), terminals, and around 1,500 staff and contractors.
During its Capital Markets Day on 18 September 2025, Seplat outlined ambitious 2026-2030 targets, aiming to increase production to roughly 200,000 barrels of oil equivalent per day (boepd) by 2030 a 50% rise from mid-2025 levels. The company plans to invest $2.5 – 3 billion, drill 120-150 new wells, and sanction up to three gas projects, while reducing operating costs from $12.5/boe to $10/boe through optimization and higher production volumes.
