I have a table with name "test", there are two columns
"id" type int
"text_data" type varchar2(2000)

Sample Data:

ID        TEXT_DATA
-------   ------------
10        Hi Deepak, My designation id is dsha21. Thanks Rohit

create procedure test_p (out a text, out b text,in p1 text, in p2 text)
select replace(replace(text_data,'p1','a'),'p2','b') from test_tb where id=10;

SQL> create procedure test_p (out a text, out b text,in p1 text, in p2 text)
  2  select replace(replace(text_data,'p1','a'),'p2','b') from test_tb where id=10;
  3  /

Warning: Procedure created with compilation errors.

SQL> show err
Errors for PROCEDURE TEST_P:

LINE/COL ERROR
-------- -----------------------------------------------------------------
1/25     PLS-00103: Encountered the symbol "TEXT" when expecting one of
         the following:
         := . ) , @ % default character