Tullow Oil has announced that its Chief Executive Officer, Rahul Dhir, will step down and also resign from its board next year.
This was contained in a circular issued to investors in London.
The board in the statement said it had initiated a process to find a successor for Mr Dhir, who was appointed as CEO in 2020.
“Dhir will stay in his role until a date has been determined to ensure a smooth transition”, the company revealed.
Mr Dhir described his work at Tullow Oil as privileged, while serving as Chief Executive of the oil firm.
“During this period, we have achieved a step change in our operating performance, cost structure and capital discipline and delivered over USD1.1 billion in free cash
flow and reduced our net debt from USD2.8 billion to USD1.4 billion,” he said.
“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.”
Mr Dhir was on July 1, 2020 appointed as Chief Executive Officer of Tullow Oil, taking over from Dorothy Thompson.
Before his appointment, he was CEO OF Delonex Energy, an African focused Oil and Gas Company