Lagos, Nigeria – September 18, 2025
Seplat Energy Plc has disclosed plans to divest a 10% interest in its joint venture with the Nigerian National Petroleum Company Limited (NNPC), known as the NNPC/SEPNU JV. Upon completion, Seplat’s stake in the venture will decrease to 30%, while NNPC’s ownership will increase to 70%. Seplat will continue to serve as the operator of the JV, pending the finalization of terms and execution of a substantive agreement between the parties.
In conjunction with this development, Seplat Energy has unveiled its strategic growth targets for the period 2026–2030. The company aims to increase its production to approximately 200,000 barrels of oil equivalent per day (boepd) by 2030, representing a 50% increase from mid-2025 levels. Additionally, Seplat projects generating between $5 billion and $6 billion in free cash flow over this period, supported by enhanced capital spending and operational efficiencies.
These initiatives align with Seplat’s commitment to expanding its operational footprint and enhancing its financial performance in the Nigerian energy sector.
