Tullow Oil Plc on Thursday, December 5 announced that Rahul Dhir will step down as Chief Executive Officer and resign from the Board in 2025.

The multinational oil and gas exploration company founded in Tullow, Ireland, with its headquarters in London, United Kingdom, said Dhir is exiting to pursue other business, academic and family interests.

“The Board has initiated a process to find his successor. Rahul will stay in his role until a date to be determined to ensure a smooth and seamless transition,” Tullow said in a statement.

Tullow noted that Dhir has selflessly served the organisation and successfully spearheaded a corporate turnaround that positions Tullow for growth.

Under Dhir’s leadership, Tullow has generated $1.1billion of free cash flow, and reduced net debt from $2.8 billion to approximately $1.4 billion.

Locally, Tullow Kenya BV Managing Director Madhan Srinivasan confirmed Tullow’s ongoing commitment
to advancing its Kenyan interests. Tullow is working collaboratively with the government of Kenya to get
approval for the Full Field Development Plan, even as discussions with potential strategic partners continue.

Phuthuma Nhleko, the Non-Executive Chairman of the company thanked Dhir for his hard work and dedication to Tullow.

“Since joining in 2020, Rahul has led a comprehensive turn-around and strategic reset of Tullow, focused on the delivery of operational and financial performance, debt reduction and positioning the company for future growth.”

On his part, Dhir had this to say: “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.”