By Taiye Olayemi
Seplat Energy Plc has signed a binding Heads of Agreement with the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) to sell a 10 per cent working interest in the NNPCL/Seplat Energy Producing Nigeria Unlimited (SEPNU) Joint Venture for 281.6 million dollars.
The company disclosed this in a corporate filing with the Nigerian Exchange Ltd. (NGX) on Thursday.
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Seplat said the agreement was executed through its subsidiaries, Seplat Energy Offshore Ltd. (SEOL) and Seplat Energy Producing Nigeria Unlimited (SEPNU), following earlier discussions with NNPC Ltd.
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 April 1, 2026.
Upon completion, SEPNU will retain a 30 per cent working interest in the joint venture and continue as operator, while NNPC Ltd.’s interest will increase from 60 per cent to
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