SELECT ROWNUM AS num_row,
REGEXP_SUBSTR(REPLACE(REPLACE('A;;B', ';;', '; ;'),';;','; ;'), '[^;]+', 1, LEVEL) AS par_value
FROM dual
CONNECT BY REGEXP_SUBSTR(REPLACE(REPLACE('A;;B', ';;', '; ;'),';;','; ;'), '[^;]+', 1, LEVEL) IS NOT NULL
Или, если вам нужен пустой столбец:
SELECT num_row,
CASE
WHEN par_value = '#$N#$' THEN NULL
ELSE par_value
END as par_value
FROM (
SELECT ROWNUM AS num_row,
REGEXP_SUBSTR(REPLACE(REPLACE('A;;B', ';;', ';#$N#$;'),';;','; ;'), '[^;]+', 1, LEVEL) AS par_value
FROM dual
CONNECT BY
REGEXP_SUBSTR(REPLACE(REPLACE('A;;B', ';;', ';#$N#$;'),';;','; ;'), '[^;]+', 1, LEVEL) IS NOT NULL
)
$ N # $ - пример значения для нулевого