Seplat Energy is in discussions with the Nigerian National Petroleum Company Limited (NNPCL) regarding the potential sale of a 10% interest in their joint venture. According to a filing on the Nigerian Exchange, if the deal is finalized, Seplat Energy Producing Nigeria Unlimited (SEPNU) would retain a 30% stake in the joint venture, while NNPCL would hold 70%. Seplat would continue to operate the joint venture.
The discussions between the two parties are ongoing, and the deal’s completion is contingent upon reaching a mutual agreement on the terms and successfully executing a formal agreement. This development follows Seplat’s recent acquisition of Mobil Producing Nigeria Unlimited, now SEPNU, from ExxonMobil for $1.28 billion in December 2024. The acquisition added a portfolio of offshore shallow water assets to Seplat’s holdings, including interests in several oil mining leases and terminals, as well as approximately 1,500 staff and contractors.
Seplat Energy has outlined plans to increase production and drive socio-economic development through SEPNU. The company has also announced efficiency and growth targets for the next five years, aiming to generate significant value for both the company and its shareholders. At its upcoming Capital Markets Day on September 18, 2025, Seplat Energy will unveil new targets for 2026-2030, including a goal to grow production to around 200,000 barrels of oil equivalent per day by 2030. This represents a 50% increase from mid-2025 levels.
To achieve its goals, Seplat expects to generate $5-6 billion in cash flow over the period, supported by increased capital spending and ongoing operational and financial efficiencies. The company plans to invest $2.5-3 billion, including drilling 120-150 new wells and sanctioning up to three gas projects. Additionally, Seplat aims to reduce operating costs from $12.5 per barrel of oil equivalent to $10 per barrel through cost optimization and higher production volumes. These developments underscore Seplat’s commitment to driving growth and efficiency in its operations, with a focus on delivering value to its stakeholders.
