Seplat Energy has revealed that it is in discussions with the Nigerian National Petroleum Company Limited (NNPCL) on the possible sale of a 10% interest in the NNPCL/SEPNU Joint Venture (JV).

In a filing on the Nigerian Exchange (NGX), the energy firm said that although discussions are still ongoing, SEPNU would hold a 30% stake in the Joint Venture and NNPC 70%, while Seplat continues as the operator if the deal is finalised.

The deal remains subject to both parties reaching a mutual agreement on the terms and the successful execution of a formal deal.

Seplat had recently acquired the Mobil Producing Nigeria Unlimited, now Seplat Energy Producing Nigeria Unlimited (SEPNU), from ExxonMobil in December 2024 for $1.28 billion. The acquisition, approved by the Nigerian government after a lengthy delay, added a portfolio of offshore shallow water assets, including interests in several OMLs and terminals, and the transfer of approximately 1,500 staff and contractors to Seplat.

The MPNU, now SEPNU, will focus on increasing production and socio-economic development.

Seplat further outlined additional efficiency and growth targets over the next five years, designed to drive significant value for both the company and its shareholders.

At its Capital Markets Day, scheduled for 18 September 2025, Seplat Energy said it will announce new targets for 2026–2030, aiming to grow production to around 200,000 boepd by 2030, a 50% increase from mid-2025.

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Seplat expects to generate US$5–6 billion in cash flow over the period, supported by increased capital spending and ongoing operational and financial efficiencies, representing 2.5–3 times growth compared with the previous five years.

The company also plans to invest US$2.5–3 billion, including drilling 120–150 new wells and sanctioning up to three gas projects. At the same time, it aims to reduce operating costs from $12.5/boe to $10/boe through cost optimisation and higher production volumes.