How about this:
sed -i 's/;/ /g' yourBigFile.txt
This is not a Python solution. You have to start this in a shell. But if you use Notepad, I guess you are on Windows. So here a Python solution:
f1 = open('yourBigFile.txt', 'r')
f2 = open('yourBigFile.txt.tmp', 'w')
for line in f1:
f2.write(line.replace(';', ' '))
f1.close()
f2.close()