Here's one way to split on 2 delimiters. This works on Oracle 12c as you included the Oracle regexp-substr tag. Using a with statement, first set up the original data, then split on a space or the end of the line, then break into name-value pairs.
WITH tbl_original_data(ID, str) AS (
SELECT 1, 'TX:123 SP:XapZNsyeS INST:456123' FROM dual UNION ALL
SELECT 2, 'MI:321 SP:MfeKLgkrJ INST:654321' FROM dual
),
tbl_split_on_space(ID, ELEMENT) AS (
SELECT ID,
REGEXP_SUBSTR(str, '(.*?)( |$)', 1, LEVEL, NULL, 1)
FROM tbl_original_data
CONNECT BY REGEXP_SUBSTR(str, '(.*?)( |$)', 1, LEVEL) IS NOT NULL
AND PRIOR ID = ID
AND PRIOR SYS_GUID() IS NOT NULL
)
--SELECT * FROM tbl_split_on_space;
SELECT ID,
REGEXP_REPLACE(ELEMENT, '^(.*):.*', '\1') NAME,
REGEXP_REPLACE(ELEMENT, '.*:(.*)$', '\1') VALUE
FROM tbl_split_on_space;
ID NAME VALUE
---------- ---------- ----------
1 TX 123
1 SP XapZNsyeS
1 INST 456123
2 MI 321
2 SP MfeKLgkrJ
2 INST 654321
6 rows selected.
EDIT: Realizing this answer is a little more than was asked for, here's a simplified answer to return one element. Don't forget to allow for the ending of a space or the end of the line as well, in case you element is at the end of the line.
WITH tbl_original_data(ID, str) AS (
SELECT 1, 'TX:123 SP:XapZNsyeS INST:456123' FROM dual
)
SELECT REGEXP_SUBSTR(str, '.*?TX:(.*)( |$)', 1, 1, NULL, 1) TX_VALUE
FROM tbl_original_data;
TX_VALUE
--------
123
1 row selected.