Seplat Subsidiaries Successfully Convert Onshore Assets to PIA Regime

Seplat Energy Plc and its subsidiaries, Seplat West and Seplat East, have completed the conversion of their onshore assets to the PIA regime, replacing the Petroleum Profit Tax regime. This conversion includes assets previously held in OMLs 4, 38, 41, and 53.

The move is expected to support increased investment, production growth, and operational efficiency in alignment with Seplat's strategic goals. CEO Roger Brown emphasized the importance of the PIA fiscal regime and highlighted the value creation opportunities post-conversion.

The company aims to continue targeting the conversion of its offshore assets to the PIA regime by 2027. Iheanyi Nwachukwu, a creative content writer with extensive journalism experience, provided insights into the industry developments.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued new petroleum licenses in line with the PIA requirements, with operations under the new regime set to commence in January 2026.