Seplat Energy is in talks with the Nigerian National Petroleum Company Limited (NNPCL) about selling a 10% interest in their joint venture. A filing on the Nigerian Exchange indicates that, if the deal closes, Seplat Energy Producing Nigeria Unlimited (SEPNU) would retain a 30% stake while NNPCL would hold 70%, with Seplat continuing to operate the venture. The negotiations are ongoing, and completion depends on both parties reaching a mutual agreement on terms and executing a formal contract.
This potential transaction follows Seplat’s recent acquisition of Mobil Producing Nigeria Unlimited—now SEPNU—from ExxonMobil for $1.28 billion in December 2024. The purchase added offshore shallow‑water assets, several oil‑mining leases, terminals, and roughly 1,500 staff and contractors to Seplat’s portfolio. Seplat has outlined plans to boost production and promote socio‑economic development through SEPNU, setting efficiency and growth targets for the next five years to create significant value for the company and its shareholders.
At its Capital Markets Day on 18 September 2025, Seplat will announce new targets for 2026‑2030, including a goal to raise production to about 200,000 barrels of oil equivalent per day by 2030—a 50 % increase from mid‑2025 levels. To achieve this, the company expects to generate $5‑6 billion in cash flow, supported by higher capital spending and ongoing operational and financial efficiencies. Seplat plans to invest $2.5‑3 billion, which will fund the drilling of 120‑150 new wells and the sanctioning of up to three gas projects. Additionally, it aims to cut operating costs from $12.5 to $10 per barrel of oil equivalent through cost optimisation and higher production volumes. These initiatives underscore Seplat’s commitment to growth, efficiency, and delivering value to its stakeholders.
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