Tullow Oil plc (Tullow) today announced that Mr Rahul Dhir will step down as Chief Executive Officer and resign from the Board in 2025 to pursue other business, academic and family interests. The Board has initiated a process to find his successor. Mr Rahul will stay in his role until a date is determined to ensure a smooth and seamless transition.
Tullow noted that Mr Dhir has selflessly served the organisation and successfully spearheaded a corporate turnaround that positions Tullow for growth. Under Mr Rahul’s leadership, Tullow has generated $1.1 billion of free cash flow and reduced net debt from $2.8 billion to $1.4 billion.
Locally, Tullow Kenya BV Managing Director, Mr 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.
“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,” Mr Phuthuma Nhleko, Non-Executive Chairman, said.
Mr Rahul Dhir, who is the Chief Executive Officer, said it has been a privilege to serve Tullow 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, delivered over $1.1 billion in free cash flow and reduced our net debt from $2.8 billion to c.$1.4 billion,” he said.
Mr Dhir added: “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 growth phase.”
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