Seplat Energy completes conversion of onshore assets to PIA fiscal regime

Seplat Energy Plc, a Nigerian independent energy company says its subsidiaries have completed the conversion of their operated onshore assets to the Petroleum Industry Act (PIA) fiscal regime.

This was revealed through a corporate disclosure on the Nigerian Exchange Ltd., on Tuesday.

The company said that Seplat West Ltd. and Seplat East Onshore Ltd. concluded the conversion from the Petroleum Profit Tax regime in line with the PIA.

The conversion covered assets formerly held under Oil Mining Leases (OMLs) 4, 38, 41 and 53, which averaged working interest production of 42,591 barrels of oil equivalent per day in the first nine months of 2025.

According to Seplat, the output represents about 31 per cent of the company’s total production during the period.

The firm said the PIA framework supports increased investment, production growth and improved operational efficiency, in line with its corporate strategy.

It noted that the anticipated impact of the conversion was incorporated into its medium-term guidance presented at its Capital Markets Day in September 2025.

Seplat also said it was targeting the conversion of its offshore assets to the PIA fiscal regime by 2027.

The company explained that following the execution of conversion contracts in February 2023, the company and its joint venture partners had completed all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission.

It added that new Petroleum Mining Lease and Petroleum Prospecting Licence numbers had been issued, with operations under the PIA expected to start from Jan. 1, 2026, subject to regulatory guidance.

Commenting, Mr Roger Brown, Chief Executive Officer of Seplat Energy, said, “Conversion to the PIA fiscal regime has been an important focus for Seplat.

“We are delighted to have delivered, along with our respective JV partners, the conversion of our onshore operated assets to the PIA regime within the timeline outlined at our recent Capital Markets Day.

“We recognise the enhanced value creation opportunities that we can benefit from, post conversion.

“PIA conversion was factored into our recent medium-term guidance and lays a path to improved profitability and cashflow margins in our onshore business.