Seplat Energy Targets 10% SEPNU Stake Sale to NNPC, Unveils $6B Growth Blueprint Through 2030

Seplat Energy has entered discussions with the Nigerian National Petroleum Company Limited (NNPC) regarding the potential sale of a 10% stake in their joint venture, SEPNU. If finalized, Seplat would hold a 30% interest while NNPC retains 70%, with Seplat continuing as the operator.

The update was disclosed in a regulatory filing on the Nigerian Exchange, coinciding with Seplat’s Capital Markets Day held on September 18, 2025. The company outlined ambitious targets for 2026–2030, including plans to grow production to 200,000 barrels of oil equivalent per day (boepd)—a 50% increase from mid-2025 levels.

Seplat projects $5–6 billion in cash flow over the five-year period, supported by $2.5–3 billion in capital investments. These include drilling up to 150 new wells and launching three gas projects. Operational efficiencies are expected to reduce costs from $12.5/boe to $10/boe.

The company also introduced a new dividend policy aimed at returning 40–50% of Free Cash Flow to shareholders, potentially totaling $1 billion in payouts between 2026 and 2030.

An updated Competent Person’s Report (CPR) confirmed significant growth in offshore reserves and resources. Offshore 2P reserves rose 40% to 551.7 million barrels of oil equivalent (MMboe), while 2C resources surged 378% to 1,178.2 MMboe. Combined, total offshore assets increased 170%.

Seplat’s strategy is built on long-term price assumptions of $65/bbl for crude, $39/bbl for NGL/LPG, and $2.75/mcf for gas, positioning the company for disciplined expansion and shareholder value creation.