Seplat Energy to sell 10% NNPCL joint venture stake for $281.6m
LAGOS/LONDON — Seplat Energy Plc has signed a binding agreement with the Nigerian National Petroleum Company Limited (NNPC Ltd) for the sale of a 10 per cent working interest in the assets held by their joint venture for a transaction value of approximately $281.
The company said its 2030 production target would also be adjusted from 200,000 barrels of oil equivalent per day (net working interest) to 170,000 boepd, subject to completion of the deal.
Seplat added that the transaction proceeds and reduced capital expenditure requirements associated with the divested interest would largely offset the impact of the lower working interest in the joint venture assets.
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