ABUJA, July 31 – Seplat Energy Plc has agreed to sell a 10% stake in the NNPCL-SEPNU Joint Venture to the Nigerian National Petroleum Company Limited (NNPC) for $281.6 million, with the deal expected to close in the second half of 2026.
The company announced the agreement in its unaudited financial results for the six months ended June 30, 2026 saying the sale value represents about 25% of its acquisition costs so far.
According to Seplat, the proceeds will be shared almost equally between a special dividend for shareholders and debt repayment. The company said the transaction is expected to improve shareholder returns while strengthening its balance sheet.
Seplat also maintained its production forecast for 2026 at between 135,000 and 155,000 barrels of oil equivalent per day, with output currently tracking around the middle of that range. Its capital spending guidance remains between $360 million and $440 million, although more of the spending is expected in the second half of the year.
However, the company raised its operating cost guidance to between $14.5 and $15.5 per barrel of oil equivalent, citing higher restoration costs at the Yoho field.
Meanwhile, Seplat reported stronger financial results for the first half of 2026. Revenue rose 30% year-on-year to $1.82 billion, while profit after tax increased to $164 million. The company also reduced its net debt by 45% to $370.7 million after repaying and cancelling $200 million under its Advanced Payment Facility.
Chief Executive Officer Roger Brown said the company’s offshore assets have strengthened confidence in its portfolio adding that he is confident incoming CEO Effiong will lead the business through its next phase of growth after he steps down on August 1.
