Tullow Oil has announced the appointment of Richard Miller as Interim Chief Executive Officer (CEO) and Chief Financial Officer (CFO), effective February 14, 2025. His appointment follows the departure of Rahul Dhir, who is set to step down from the Board on the same date.

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To facilitate a seamless transition, Mr. Dhir will remain available to the company until the end of his notice period on June 5, 2025.

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In a statement to investors and the public, Tullow Oil assured that the search for a permanent CEO is progressing well, with further updates expected in due course.

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Phuthuma Nhleko, Non-Executive Chairman, expressed gratitude to Rahul Dhir for his service, stating, “Once again, I would like to thank Rahul for his hard work and dedication to Tullow, and we wish him every success in the future. He will forever be a friend of Tullow. The appointment of Richard on an interim basis allows Tullow to focus on the delivery of its near-term objectives and effect a smooth transition to a full-time CEO in due course.”

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Rahul Dhir also reflected on his tenure, saying, “It’s been a privilege to serve Tullow and work with so many talented colleagues. With a strong pan-African platform and an improving balance sheet, Tullow is well-positioned as a trusted partner and responsible operator in Africa to deliver the next phase of growth.”

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In addition to the leadership changes, Tullow Oil announced plans to resume drilling in Ghana’s oilfields in May 2025. This comes after the successful resolution of the Ghana Branch Profits Remittance Tax arbitration, which removes a $320 million contingent liability and reinforces the company’s petroleum agreements in the country.

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The UK-based oil firm also provided a snapshot of its financial performance ahead of its 2024 Full Year Results, reporting revenue of $1.5 billion at an average realised oil price of $80.2 per barrel (pre-hedging). The company’s net debt has been reduced to $1.45 billion, with gearing now at 1.3 times.

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Tullow Oil remains focused on executing its strategic goals, ensuring stability during its leadership transition, and strengthening its operations in Ghana and across Africa.

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