Seplat Energy Sells 10% Stake to NNPC for $281.6 Million

Seplat Energy Plc announced an agreement to sell a 10% interest in the NNPCL-SEPNU Joint Venture to the Nigerian National Petroleum Company Limited for $281.6 million. This transaction, expected to be completed in the second half of 2026, aims to enhance shareholder returns and strengthen Seplat's balance sheet.

The $281.6 million transaction value represents approximately 25% of Seplat's acquisition costs to date. Upon completion, proceeds will be divided roughly equally between a special dividend for shareholders and debt repayment.

Seplat anticipates a total expected dividend for 2026 of USD 68.3 cents per share, amounting to $410 million. The company maintained its 2026 production guidance at 135,000 to 155,000 barrels of oil equivalent per day and retained its capital expenditure guidance of $360 million to $440 million, with spending expected to be heavier in the latter half of the year.

Seplat also reported a 30% year-on-year revenue increase to $1.82 billion and a profit after tax surge of 498% to $164 million for the first half of 2026.