p_element_path := 'ffgfg:45454|fdfd:511|00|mck:9';

declare 
p_element_path varchar2(4000);
p_element_path_new varchar2(4000);
cnt number := 0;
begin
  p_element_path := 'ffgfg:45454|fdfd:511|00|mck:9';
  for i in (SELECT REGEXP_SUBSTR(p_element_path, '[^|;]+', REGEXP_INSTR(p_element_path, '[^:;]+',1, LEVEL, 0), 1) a1
  FROM DUAL
  CONNECT BY REGEXP_INSTR(p_element_path, '[^:;]+', 1, LEVEL) > 0) loop
  cnt:= cnt+1;
  if cnt >1 then
     p_element_path_new:= p_element_path_new||'|'||i.a1;
  end if;
  end loop;
end;