Seplat Energy sells 10% oil asset stake to Nigeria's NNPC for $281.6 million

Seplat Energy has signed a binding agreement to sell a 10% working interest in four oil blocks (OML 67, 68, 70 and 104) to the Nigerian National Petroleum Corporation (NNPC) for $281.6 million. The transaction, effective 1 April 2026 and expected to close in the second half of the year, will leave Seplat with a 30% interest and operator status for the assets. Proceeds will be split equally between reducing Seplat’s net debt and paying a special dividend of 23.3 cents per share. The deal will cut Seplat’s contribution to group output to about 65,000 barrels of oil equivalent per day and lower its 2030 production target to 170,000 boe/d, with proved and probable reserves falling roughly 13% to 872.9 million boe. Analysts view the transaction as a sign that Nigeria’s upstream sector is moving from a focus on acquiring assets to managing them more efficiently, marking a strategic shift in the industry.