West Africa-focused Tullow Oil said today that its chief executive Rahul Dhir will step down and also resign from the board next year.
The board has initiated a process to find a successor for Dhir, who was appointed as CEO in 2020.
Dhir will stay in his role until a date has been determinedto ensure a smooth transition, the company added.
Mr Dhir said it had been a privilege to serve Tullow for the last four and a half years.
"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 about $1.4 billion," he said.
"With a strong pan-African platform, Tullow is well-positioned as a trusted partner and responsible operator to deliver the next phase of growth," he added.
Shares in the oil exploration company were lower in London trade today.
