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Seplat Energy to sell 10% NNPC JV stake for $281.6 million, plans special dividend
Seplat Energy Plc signed a binding Heads of Agreement to sell a 10 per cent working interest in its joint venture with the Nigerian National Petroleum Company (NNPC) for $281.6 million. The deal, effective 1 April 2026, is subject to regulatory approval and is expected to close in the second half of 2026. After completion NNPC’s stake will rise from 60 % to 70 % while Seplat will retain a 30 % interest and remain the operator of the assets.
Seplat said roughly half of the proceeds – about $140 million, or 23.3 US cents per share – will be paid to shareholders as a special cash dividend, with the balance used to reduce gross debt by up to $300 million; $200 million of its Advanced Payment Facility debt has already been repaid.
In its unaudited six‑month results to 30 June 2026, Seplat reported revenue of $1.82 billion and profit after tax of $164 million, a 498 % year‑on‑year increase. The company declared a quarterly dividend of US$0.12 per share (US$0.05 core plus US$0.07 special) and expects total 2026 dividends of 68.3 cents per share (about $410 million). Production guidance for 2026 remains unchanged at 135,000‑155,000 boepd, and the long‑term 2030 output target was revised down to 170,000 boepd with 2P reserves falling 13 % to 872.9 million barrels of oil equivalent.
Chief Executive Officer Roger Brown said the transaction will strengthen the balance sheet, enhance shareholder returns and allow Seplat to continue operating one of Nigeria’s largest upstream assets.
Entities
Advanced Payment Facility · Nigerian National Petroleum Company Limited · Nigerian National Petroleum Company Ltd (NNPC) · Roger Brown · Seplat Energy Plc · Seplat Energy Producing Nigeria Unlimited (SEPNU) Joint Venture
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 4 SOURCES] The remaining half of the proceeds will be used to reduce Seplat’s gross debt by up to $300 million, including $200 million already repaid under the Advanced Payment Facility. www.premiumtimesng.com · bizwatchnigeria.ng · investorsking.com · brandspurng.com
- [● 2 SOURCES] Seplat declared a quarterly dividend of US$0.12 per share (US$0.05 core plus US$0.07 special) and expects total 2026 dividend of 68.3 cents per share (~$410 million). orientalnewsng.com · nairametrics.com
- [● 4 SOURCES] Approximately half of the proceeds (~$140 million, 23.3 US cents per share) will be paid as a special cash dividend to shareholders. www.premiumtimesng.com · bizwatchnigeria.ng · investorsking.com · brandspurng.com
- [● 4 SOURCES] After completion, NNPC’s stake will increase from 60% to 70% while Seplat’s working interest will fall to 30% and it will remain operator of the joint venture. www.premiumtimesng.com · bizwatchnigeria.ng · investorsking.com · brandspurng.com
- [DISPUTED] Seplat’s six‑month 2026 results showed revenue of $1.82 billion and profit after tax of $164 million, a 498 % year‑on‑year increase. orientalnewsng.com · economicconfidential.com · nairametrics.com
- [● 6 SOURCES] Seplat Energy agreed to sell a 10% working interest in the NNPCL/SEPNU joint venture to NNPC for $281.6 million. www.premiumtimesng.com · bizwatchnigeria.ng · investorsking.com · brandspurng.com · economicconfidential.com · +1 more
- [● 2 SOURCES] Seplat revised its 2030 production target to 170,000 barrels of oil equivalent per day (down from 200,000) and 2P reserves to 872.9 million boepd. www.premiumtimesng.com · bizwatchnigeria.ng
- [● 5 SOURCES] The transaction is expected to be completed in the second half of 2026, with an effective date of 1 April 2026. www.premiumtimesng.com · bizwatchnigeria.ng · investorsking.com · brandspurng.com · economicconfidential.com