Seplat says its subsidiaries, Seplat West and Seplat East, have switched their onshore oil belongings to the brand new Petroleum Trade Act system, changing the previous Petroleum Revenue Tax regime.
This was disclosed in a company submitting on the Nigerian Alternate on 23 December 2025, signed by CFO Eleanor Adaralegbe.
The change covers belongings previously below OMLs 4, 38, 41, and 53, which produced a median of 42,591 barrels per day within the first 9 months of 2025, roughly 31% of the corporate’s whole output.
Roger Brown, Seplat’s CEO, mentioned changing to the PIA fiscal regime has been a key focus.
He added that the corporate, with its JV companions, accomplished the change throughout the timeline shared on the latest Capital Markets Day in September 2025.
“We see the additional worth alternatives after the conversion. The PIA change was included in our latest medium-term steering and units the stage for higher profitability and money move,” he said within the disclosure.
The disclosure additionally revealed that after signing the Conversion Contracts in February 2023 below the PIA, Seplat and its JV companions accomplished all technical and regulatory necessities with the Nigerian Upstream Petroleum Regulatory Fee (NUPRC).
New Petroleum Mining Lease (PML) and Petroleum Prospecting License (PPL) numbers have additionally been issued, and operations below the PIA are anticipated to start out from 1 January 2026, relying on regulatory steering.
In July 2021, over a decade after it was first launched, the Nationwide Meeting handed the Petroleum Trade Invoice (PIB) into regulation.
Seplat mentioned the PIA conversion advantages have been already included in its medium-term steering shared on the September 2025 Capital Markets Day, as the corporate targets its five-year targets.
At its Capital Markets Day on 18 September 2025, Seplat Power introduced new 2026–2030 targets, aiming to develop manufacturing to about 200,000 boepd by 2030, a 50% improve from mid-2025.
The corporate expects to generate US$5–6 billion in money move over the interval, supported by larger capital spending and ongoing operational and {financial} efficiencies, representing 2.5–3 instances development in contrast with the earlier 5 years.
Seplat plans to speculate US$2.5–3 billion, together with drilling 120–150 new wells and sanctioning as much as three fuel tasks, whereas aiming to cut back working prices from $12.5/boe to $10/boe.
