Tullow Oil CEO Rahul Dhir to Resign Next Year

Tullow Oil has announced that its Chief Executive Officer, Rahul Dhir, will step down and resign from the company’s board in 2025.

The announcement was made in a statement to investors on December 5, 2024, in London.

The company’s board confirmed that a process is underway to find a successor for Dhir, who has held the CEO position since 2020. Tullow Oil also stated that Dhir will remain in his role until a transition date is set to ensure a smooth handover.

In a statement regarding his departure, Dhir described his tenure at Tullow Oil as a privilege. He reflected on the company’s progress under his leadership, noting, “During this period, we have achieved a significant improvement in our operating performance, cost structure, and capital discipline. We’ve delivered over $1.1 billion in free cash flow and reduced net debt from $2.8 billion to approximately $1.4 billion.”

Dhir also expressed pride in Tullow’s strong team culture, emphasizing the company’s position as a trusted and responsible partner with a solid pan-African platform, well-placed to pursue the next phase of growth.

Rahul Dhir was appointed CEO of Tullow Oil on July 1, 2020, succeeding Dorothy Thompson. Before joining Tullow, he was CEO of Delonex Energy, an African-focused oil and gas company.

Tullow’s Non-Executive Chairman praised Dhir for his leadership, stating, “Since joining in 2020, Rahul has led a comprehensive turnaround and strategic reset of Tullow, focusing on operational and financial performance, debt reduction, and positioning the company for future growth.”

Following the announcement, Tullow Oil’s shares dropped 7% to 22.88 on the London Stock Exchange, according to the UK’s Morning Star.