Seplat Energy Plc says its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, have successfully converted their operated onshore assets from the Petroleum Profit Tax regime to the fiscal framework under the Petroleum Industry Act (PIA).
The independent energy company, listed on both the Nigerian Exchange Limited and the London Stock Exchange, announced this in a statement on Tuesday.
“The conversion relates to assets formerly held under OML’s 4, 38 & 41 and 53, which in the first nine months of 2025, averaged working interest production of 42,591 boepd, representing approximately 31 per cent of the Company’s Total production,” it stated.
It said the PIA supports increased investment, production growth, and improved operational efficiency, all aligned with Seplat’s strategy.
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According to the company, the expected impact of the asset conversion was factored into its medium-term guidance shared during the Capital Markets Day in September 2025, assuring that it remains committed to converting its offshore assets under PIA by 2027.
It hinted that following the execution of the Conversion Contracts in February 2023, in full compliance with the PIA, the company and its joint venture partners have successfully fulfilled all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
It added that the new Petroleum Mining Lease and Petroleum Prospecting License numbers have now been issued, and, in line with regulatory guidance, operations under the PIA are expected to commence on January 1, 2026.
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Commenting, the Chief Executive Officer of Seplat Energy, Roger Brown, said, “Conversion to the PIA fiscal regime has been an important focus for Seplat, and 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 cash flow margins in our onshore business.”
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
