Tullow Oil has initiated the process of replacing its Chief Executive Officer Rahul Dhir, who is expected to step down and also resign from the Board in 2025 to “pursue other interests.”

The Board announced it has already started the process of finding a suitable successor to Dhir, who will stay in his role until a new CEO is found to ensure a smooth and transition.

Tullow Oil has praised the outgoing CEO as a selfless leader saying he had spearheaded a successful corporate turnaround of the company and positioned it for growth.

According to the firm, under Dhir’s leadership, Tullow Oil managed to generate a whopping USD1.1 billion of free cash flow and reduced its net debt from $2.8 billion to $1.4 billion.

At the same time, Tullow Kenya BV Managing Director Madhan Srinivasan has confirmed that Tullow will proceed with its ongoing pledges to advance its Kenyan oil interests.

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Tullow indicated that it is working closely with Kenya government to get approval for the Full Field Development Plan as it also holds talks with potential strategic partners.

Tullow Oil Plc Non-Executive Chairman Phuthuma Nhleko lauded Dhir for his dedication to the company ever since he was appointed to the significant position back in mid-2020.

“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,” said Nhleko.

On his part, Dhir thanked the firm for its teamwork during his four-year-stint, which saw Tullow’s operating performance, cost structure and capital discipline significantly improve.

“I am also very proud of our team’s strong culture of ownership and commitment to business delivery,” intimated Dhir.

He added: “With a strong pan-African platform, Tullow is well-positioned as a trusted partner and responsible operator to deliver the next growth phase.”

Rahul Dhir was appointed the Tullow CEO and Group Executive Director on July 1, 2020 replacing Dorothy Thompson, who then returned to her position as Non-Executive Chair.