Seplat Energy has agreed to sell a 10% stake in its joint venture assets with the Nigerian National Petroleum Company (NNPC) Limited in a deal valued at $281 million.
The company disclosed the transaction in a regulatory filing submitted to the Nigerian Exchange (NGX) on Thursday, describing the agreement as part of its ongoing strategic portfolio management.
According to the filing, the divestment involves a 10% interest in the assets held under the joint venture between NNPC Limited and Seplat Energy Producing Nigeria Unlimited (SEPNU).
Seplat said the transaction, valued at $281 million, was reached through an agreement with NNPC Limited, although further details regarding the timeline for completion and regulatory approvals were not immediately disclosed.
The development marks another significant transaction in Nigeria’s oil and gas sector as both companies continue to reshape their investment portfolios amid evolving industry dynamics.
Investors are expected to monitor the deal closely for its potential impact on Seplat’s operations and the broader energy market once all necessary conditions for completion are met.
