Rahul Dhir, the Chief Executive Officer of Tullow Oil, will step down from his role and resign from the Board in 2025, the company announced on Thursday. Dhir, who joined Tullow in 2020, has decided to pursue other business, academic, and family interests. The exact date for his departure will be determined to ensure a seamless transition.
A Turnaround Leader
Dhir’s tenure has been marked by significant milestones for Tullow Oil. Under his leadership, the company successfully navigated a challenging economic period, delivering over $1.1 billion in free cash flow and reducing its net debt from $2.8 billion to approximately $1.4 billion. These achievements reflect his strategic focus on operational efficiency, financial discipline, and sustainable growth.
Phuthuma Nhleko, Tullow’s Non-Executive Chairman, lauded Dhir’s contributions, stating, “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, focused on the delivery of operational and financial performance, debt reduction, and positioning the company for future growth.”
Strategic Reset and Operational Excellence
When Dhir assumed the CEO role, Tullow Oil faced significant challenges, including high debt levels and a volatile market environment. His leadership resulted in a strategic reset that optimized the company’s cost structure and enhanced operational performance.
Reflecting on his tenure, Dhir said, “It’s 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. I am also very proud of our team’s strong culture of ownership and commitment to business delivery.”
Tullow now stands well-positioned for its next phase of growth, with a robust platform spanning several African markets.
Commitment to Kenya
Tullow’s Kenyan operations also remain a focal point for the company. Madhan Srinivasan, Managing Director of Tullow Kenya BV, reaffirmed the company’s commitment to advancing its interests in Kenya. Tullow is working closely with the Kenyan government to secure approval for the Full Field Development Plan. Concurrently, discussions with potential strategic partners are ongoing to ensure the project’s success.
Kenya’s oil exploration sector has long been a point of interest for Tullow, and the company’s commitment to collaboration with the government and other stakeholders underscores its long-term vision for the region.
The Search for a Successor
Tullow’s Board of Directors has already initiated the process of finding Dhir’s successor. The incoming CEO will be tasked with building on the solid foundation established during Dhir’s tenure. Key priorities will include driving growth, enhancing shareholder value, and maintaining the company’s reputation as a trusted and responsible operator.
Legacy of Leadership
Rahul Dhir’s legacy at Tullow Oil is one of resilience, transformation, and growth. By prioritizing financial discipline and operational excellence, he not only navigated the company through turbulent times but also positioned it for a promising future. His decision to step down reflects his desire to explore new opportunities while leaving Tullow in a much stronger position than when he joined.
As the company embarks on its search for new leadership, the foundation laid by Dhir ensures that Tullow Oil is well-equipped to capitalize on opportunities and navigate the challenges of the global energy sector. His leadership over the past four and a half years will be remembered as a pivotal chapter in Tullow’s history.
In the meantime, Dhir will continue to lead Tullow Oil until his successor is appointed, ensuring a smooth transition and continued focus on delivering value to shareholders and stakeholders alike.
