Seplat Energy Plc says its subsidiaries have completed the conversion of their operated onshore assets to the Petroleum Industry Act (PIA) fiscal regime.
The Nigerian independent energy company disclosed this in a corporate filing on the Nigerian Exchange Ltd. on Tuesday.
According to the company, Seplat West Ltd. and Seplat East Onshore Ltd. concluded the transition from the Petroleum Profit Tax regime in compliance with the provisions of the PIA.
The conversion covers assets previously operated under Oil Mining Leases (OMLs) 4, 38, 41 and 53, which recorded an average working interest production of 42,591 barrels of oil equivalent per day in the first nine months of 2025. This represents about 31 per cent of Seplat’s total production during the period.
Seplat said the PIA framework is expected to support increased investment, production growth and improved operational efficiency, in line with the company’s long-term strategy.
It noted that the expected impact of the conversion had already been reflected in its medium-term guidance presented during its Capital Markets Day in September 2025.
The company added that it is targeting the conversion of its offshore assets to the PIA fiscal regime by 2027.
Seplat explained that following the execution of conversion contracts in February 2023, it and its joint venture partners completed all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
It said new Petroleum Mining Lease and Petroleum Prospecting Licence numbers had been issued, with operations under the PIA expected to commence from Jan. 1, 2026, subject to regulatory guidance.
Commenting on the development, Seplat Energy’s Chief Executive Officer, Mr Roger Brown, said the conversion was a key milestone for the company.
“Conversion to the PIA fiscal regime has been an important focus for Seplat. We are delighted to have delivered, alongside our joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day.
“We recognise the enhanced value creation opportunities that come with the conversion, which lays a clear path to improved profitability and cash flow margins in our onshore business,” Brown said.