Seplat Energy Plc has entered into an agreement with the Nigerian National Petroleum Company (NNPC) Limited to sell a 10 per cent stake in assets held under their joint venture, Seplat Energy Producing Nigeria Unlimited (SEPNU), in a transaction valued at $281 million, marking another significant development in Nigeria’s upstream oil and gas sector.

The indigenous energy company disclosed the proposed divestment in a regulatory filing submitted to the Nigerian Exchange (NGX) on Thursday, informing shareholders and the investing public of the agreement.

According to Seplat, the transaction involves the sale of a 10 per cent participating interest in the assets held within the NNPCL/SEPNU Joint Venture, with NNPC Limited emerging as the buyer.

Although the company did not provide detailed information on the specific assets covered by the agreement or the expected completion date, the deal is expected to strengthen the partnership between both companies while enabling Seplat to optimise its asset portfolio and capital allocation strategy.

The proposed acquisition is also expected to consolidate NNPC Limited’s ownership position in the joint venture as the state-owned oil company continues its transformation into a commercially driven energy enterprise following the enactment of the Petroleum Industry Act (PIA).

Industry analysts say the transaction reflects a broader trend among upstream oil and gas companies seeking to rebalance portfolios, unlock capital and improve operational efficiency amid evolving market conditions and Nigeria’s drive to increase crude oil production.

Oil and gas analyst Dan Kunle noted that increasing NNPC Limited’s stake in the joint venture could enhance decision-making and operational coordination.

He explained that stronger equity participation often provides operators with greater flexibility in project execution, investment planning and production optimisation.