Seplat Energy has announced the successful conversion of its operated onshore assets to Nigeria’s Petroleum Industry Act (PIA) fiscal regime, replacing the long-standing Petroleum Profit Tax (PPT) framework.
In a filing to the Nigerian Exchange Limited on Tuesday, the company said its subsidiaries—Seplat East Onshore Limited and Seplat West Limited—had moved Oil Mining Leases (OMLs) 4 (Oben), 38, 41 (Sapele) and 53 to the new regime. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued.
Production from the four assets averaged 42,591 barrels of oil equivalent per day in the first nine months of 2025, accounting for around 31% of Seplat’s total output. The company and its JV partners operate 11 oil and gas blocks across onshore and shallow water areas in the Niger Delta.
“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,” said Roger Brown, Seplat’s chief executive.
The company said the migration aligns with its strategy, as the PIA supports increased investment, production growth and improved efficiency. The move follows the execution of conversion contracts in February 2023, when Seplat and its joint venture partners completed all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“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,” the company added.
The PIA fiscal regime replaced Nigeria’s PPT system, introducing a more transparent and investment-friendly framework with lower tax rates, clearer deductions and separate treatment for upstream, midstream and downstream operations. Gas is exempted from Hydrocarbon Tax under the new regime and only subject to corporate income tax, encouraging development.
Seplat said the anticipated impact of the conversion was incorporated into its medium-term guidance presented at its Capital Markets Day in September 2025. The company, which recently completed its first major offshore projects since acquiring ExxonMobil’s assets, now aims to convert its offshore portfolio to the PIA regime by 2027.
It also plans to end routine gas flaring across its onshore operations this quarter and reiterated that it will commission the 300 million cubic feet per day Anoh gas processing plant before the end of the year.