Tullow Oil has confirmed the appointment of Richard Miller as Interim Chief Executive Officer and Chief Financial Officer, effective February 14, 2025.

He is taking over from Rahul Dhir who will step down from the Board on February 14, 2025.

However, to ensure a smooth transition, Mr. Dhir will be available to the business until his notice period ends on June 5, 2025.

In a statement to investors and the public, the oil giant said the process of finding a new permanent Chief Executive Officer is progressing well and the Board will provide further updates in due course.

Phuthuma Nhleko, Non-Executive Chairman, commenting said “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.”

Also commenting, Rahul Dhir said "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.”

Meanwhile, Tullow has announced that it will resume drilling in Ghana’s oilfields in May 2025.

In a statement in advance of the Group’s 2024 Full Year Result, the UK oil giant said a successful resolution of the Ghana Branch Profits Remittance Tax arbitration, removes $320 million contingent liability, and endorses the sanctity of its petroleum agreements.

The firm recorded revenue of $1.5 billion at an average realised oil price (pre-hedging) of $80.2 per barrel.

Its net debt reduced to $1.45 billion and gearing of 1.3 times.