Tullow Oil plc chief executive officer Rahul Dhir will step down and resign from the board during 2025 to pursue other business, academic and family interests.
He will remain in his role until a date to be determined.
“It’s been a privilege to serve Tullow during these past four and a half years,” said Mr Dhir.
“During this period, we have achieved a step change in our operating performance, cost structure and capital discipline and delivered over $1.1 billion in free cash flow and reduced our net debt from $2.8 billion to c.$1.4 billion.
“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.”
Non-executive chairman Phuthuma Nhleko added: “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.”
The board has started the process of finding Mr Dhir’s successor.