Tullow Oil Plc has announced that its Chief Executive Officer Rahul Dhir, will step down from his role and resign from the Board in 2025 to focus on other business, academics and family interests.
The Board of the UK-based oil exploration company has commenced the search for a successor.
Dhir will remain in his position until a transition plan is finalized to ensure continuity during the leadership change.
Under his tenure, Tullow achieved a significant turnaround, delivering over $1.1 billion in free cash flow and halving its net debt to $1.4 billion.
Following the announcement however, the share price of the Ghana focused oil and gas player fell by almost 10% on Thursday, December 5, 2024 on the London Stock Exchange.
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Commenting on the announcement, Phuthuma Nhleko, Tullow’s Non-Executive Chairman commended Dhir’s contributions since his appointment in 2020.
“I would like to thank Rahul for his hard work and dedication to Tullow. Since joining in 2020, Rahul has led a comprehensive turn-around and strategic reset of Tullow, focussed on the delivery of operational and financial performance, debt reduction and positioning the company for future growth,” Nhleko stated.
Under Dhir’s leadership, Tullow Oil underwent a significant transformation, including an operational overhaul, financial restructuring, and improved cost discipline.
Reflecting on his tenure, Dhir expressed pride in the company’s achievements.
“It’s been a privilege to serve Tullow during these past four and a half years. During this period, we have achieved a step change in our operating performance, cost structure and capital discipline and delivered over $1.1 billion in free cash flow and reduced our net debt from $2.8 billion to c.$1.4 billion. I am also very proud of our team’s strong culture of ownership and commitment to business delivery. With a strong pan-African platform, Tullow is well-positioned as a trusted partner and responsible operator to deliver the next phase of growth,” Dhir said.
Dhir’s departure comes as Tullow Oil continues to strengthen its presence in Africa, with a focus on sustainable growth and operational efficiency.
The next CEO will be tasked with building on the foundations laid during Dhir’s tenure while navigating the evolving energy landscape.
