Seplat Energy to Sell 10% Stake in Nigerian JV in $282 Million Deal

03:29 AM EDT, 07/30/2026 (MT Newswires) -- Seplat Energy (SEPL.L) agreed to sell a 10% stake in its joint venture with Nigerian National Petroleum to the latter for a headline transaction value of $281.6 million. The London-listed Nigerian independent energy company said Thursday its subsidiaries, Seplat Energy Offshore and Seplat Energy Producing Nigeria, signed a legally binding heads of agreement with Nigerian National Petroleum for the planned sale. Upon completion, Seplat Energy Producing Nigeria will hold a 30% working interest in the joint venture assets and will continue as operator. Nigerian National Petroleum's stake in the venture will increase to 70%. Subject to regulatory approvals, the deal is expected to close in the second half, with an effective date of April 1. Seplat Energy plans to use the proceeds to reduce debt and boost shareholder returns.