Nigeria, Dec. 23 -- Seplat Energy said it has wrapped up the conversion of its two onshore operations, Seplat West and Seplat East Onshore, to a new industry fiscal system that gives more room for output expansion, investment and cost efficiency.

The change means Nigeria's biggest energy firm by market value is adopting the operational model laid out by the Petroleum Industry Act 2021 (PIA), while letting go of the framework of the old Petroleum Profit Tax (PPT) regime, known for heaping high tax burdens on oil producers.

"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...