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Tullow Oil chief executive Raul Dhir is set to step down next year after four years at the helm of the firm that has been trying to make Kenya’s dream of being an oil producer a reality but faced major delays.
The firm yesterday said Dhir will also resign from the board in 2025 to pursue other business, academic and family interests. “The board has initiated a process to find his successor. Rahul will stay in his role until a date is determined to ensure a smooth and seamless transition,” said the firm.
“Mr Dhir has selflessly served the organisation and successfully spearheaded a corporate turnaround that positions Tullow for growth. Under Rahul’s leadership, Tullow has generated $1.1 billion (Sh143 billion) of free cash flow and reduced net debt from $2.8 billion (Sh364 billion) to $1.4 (Sh182) billion.”
Dhir joined the firm in 2020 following internal woes whose height was the exit of its then-chief executive in December 2019.
As he steered Tullow over the last four years, Dhir oversaw the redesign of the Kenyan project, to lower production costs while making the project appealing to investors as it looked for a strategic partner.
The firm has however been unable to onboard a partner that is expected to push the project forward through to the commercial phase.
Tullow discovered commercially viable oil in Lokichar in 2012 and says 585 million barrels of oil can be recovered over the project’s full life cycle. Tullow Kenya BV Managing Director Mr Madhan Srinivasan confirmed Tullow’s ongoing commitment to advancing its Kenyan interests.
Tullow, he said, is working collaboratively with the State to get approval for the full-field development plan, even as discussions with potential strategic partners continue.
The Kenyan project, which Tullow says needs a capital investment of Sh442 billion ($3.4 billion), has faced different challenges resulting in the timeline for commercial oil production being moved over time from an ambitious 2022 to a potential 2028.
Phuthuma Nhleko, Non-Executive Chairman lauded Rahul for his hard work and dedication to Tullow.
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