Seplat says its subsidiaries, Seplat West and Seplat East, have switched their onshore oil assets to the new Petroleum Industry Act system, replacing the old Petroleum Profit Tax regime.
This was disclosed in a corporate filing on the Nigerian Exchange on 23 December 2025, signed by CFO Eleanor Adaralegbe.
The switch covers assets formerly under OMLs 4, 38, 41, and 53, which produced an average of 42,591 barrels per day in the first nine months of 2025, roughly 31% of the company’s total output.
Roger Brown, Seplat’s CEO, said converting to the PIA fiscal regime has been a key focus.
He added that the company, with its JV partners, completed the switch within the timeline shared at the recent Capital Markets Day in September 2025.
“We see the extra value opportunities after the conversion. The PIA switch was included in our recent medium-term guidance and sets the stage for better profitability and cash flow,” he stated in the disclosure.
The disclosure also revealed that after signing the Conversion Contracts in February 2023 under the PIA, Seplat and its JV partners completed all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
New Petroleum Mining Lease (PML) and Petroleum Prospecting License (PPL) numbers have also been issued, and operations under the PIA are expected to start from 1 January 2026, depending on regulatory guidance.
In July 2021, over a decade after it was first introduced, the National Assembly passed the Petroleum Industry Bill (PIB) into law.
Seplat said the PIA conversion benefits were already included in its medium-term guidance shared at the September 2025 Capital Markets Day, as the company targets its five-year goals.
At its Capital Markets Day on 18 September 2025, Seplat Energy announced new 2026–2030 targets, aiming to grow production to about 200,000 boepd by 2030, a 50% increase from mid-2025.
The company expects to generate US$5–6 billion in cash flow over the period, supported by higher capital spending and ongoing operational and financial efficiencies, representing 2.5–3 times growth compared with the previous five years.
Seplat plans to invest US$2.5–3 billion, including drilling 120–150 new wells and sanctioning up to three gas projects, while aiming to reduce operating costs from $12.5/boe to $10/boe.