NNPC TO ACQUIRE SEPLAT’S 10% JOINT VENTURE STAKE FOR $281.6 MILLION

The Nigerian National Petroleum Company (NNPC) Limited has announced plans to acquire Seplat Energy’s 10 per cent stake in a joint venture for $281.6 million, a move aimed at strengthening its position in Nigeria’s upstream oil and gas sector.

The proposed acquisition is expected to increase NNPC’s ownership interest in the venture, supporting its strategy to optimise asset performance and enhance long-term value from oil and gas operations.

Industry analysts said the transaction could improve operational coordination within the joint venture while reinforcing NNPC’s commitment to expanding its upstream portfolio.

They noted that the deal reflects continued investment in Nigeria’s energy sector despite evolving market conditions, with stakeholders closely watching its potential impact on production, reserves, and future investment opportunities.

Experts added that regulatory approvals and the successful completion of the transaction will be key to ensuring a smooth transfer of the equity stake.

The acquisition forms part of broader efforts by NNPC to strengthen its commercial operations, improve efficiency, and maximise returns from strategic energy assets while supporting the growth of Nigeria’s oil and gas industry.