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Typo correction and small alternative change:<br />
REGEXP_REPLACE(column,'/P[<wbr />0-9]{2}/',<wbr /> '/P99/')
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Typo correction and small alternative change:
REGEXP_REPLACE(column,'/P[0-9]{2}/', '/P99/')

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Thanks for the fast and precise answer
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I have a coumn which can have values ‘aw45t/P76/002’, ‘aw45t/P54/002’, <br />
I will like to replace any occurrence of /P##/ with /P99/<br />
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DB: Oracle 10g
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I have a coumn which can have values ‘aw45t/P76/002’, ‘aw45t/P54/002’, 
I will like to replace any occurrence of /P##/ with /P99/

DB: Oracle 10g

How can I replace a particular string pattern in a word

A regular expression ("regex") is a sequence of characters that define a search pattern, mainly for use in pattern matching with strings, or string matching, i.e. "find and replace"-like operations. Regular expression processors are found in several search engines, search and replace dialogs of several word processors and text editors, and in the command lines of text processing utilities, such as sed and AWK. Many programming languages provide regular expression capabilities, some built-in, for example Perl, JavaScript, Ruby, AWK, and Tcl, and others via a standard library, for example .NET languages, Java, Python and C++ (since C++11). Most other languages offer regular expressions via a library.

Regular Expressions

Oracle is an object-relational database management system. It supports a large number of languages and application development frameworks. Its primary languages are SQL, PL/SQL and Java, but it also includes support for C and C++. Oracle also has its own enterprise modules and application server software.