Seplat Energy has confirmed it is in talks with the Nigerian National Petroleum Company Limited (NNPCL) on the potential sale of a 10% interest in the NNPCL/Seplat Energy Producing Nigeria Unlimited (SEPNU) Joint Venture.
In a filing on the Nigerian Exchange, Seplat said SEPNU would hold a 30% stake while NNPC retained 70%, with Seplat continuing as operator if the deal is concluded. The transaction remains subject to mutual agreement and execution of a formal contract.
The disclosure follows Seplat’s $1.28 billion acquisition of Mobil Producing Nigeria Unlimited in December 2024, which added offshore shallow-water assets, OML interests, export terminals, and around 1,500 staff to its portfolio.
Looking ahead, Seplat aims to grow production to 200,000 boepd by 2030, generate $5–6 billion in cash flow, drill up to 150 new wells, and sanction three gas projects, while cutting operating costs to $10/boe.