Zuetina Oil Company (ZOC)

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Headquarters Tripoli
Founded 1986
Key People n/a
International Partners Occidental, OMV
% held by NOC 88%[1]
% held by IOCs 12%[2]
Production output 60,000 bpd (2011)[3]


Snapshot

The Zuetina Oil Company is a joint venture in which the Libyan National Oil Corporation (NOC) and international oil companies Occidental and OMV are partners. In 2009, Zuetina employed 2,474 employees, 2,264 of whom were local.[4]

History

When the assets of Occidental were frozen in 1986, Zuetina Oil Company was incorporated as a Libyan owned company with a mandate to carry out a range of oil operations with concession contracts subject to the Production Sharing Agreements (PSAS) made between the NOC and the international oil companies (IOCs) Occidental and OMV.

Once assets were unfrozen and American IOCs returned to Libya, agreements were signed under the EPSA IV agreements in June 2008.[5]

Following the signing of the Production Sharing Agreement (PSA) in 2008, the NOC had an 88 percent share in Zuetina's operational budget and the international partners Occidental and OMV split a 12 percent share.[6]

Activities

As of early 2011, the Zuetina Joint Venture was producing 60,000 barrels per day (bpd) from its fields[7]. The crude oil produced has been known on the international market as 'Zuetina Blend' since the late 1960s and is exported via the Zuetina terminal.[8]

External Links

Official website: www.zueitina.com.ly

References

  1. "Zuetina Oil Company" Zuetina retrieved 1 November 2011.
  2. "Zuetina Oil Company" Zuetina retrieved 1 November 2011.
  3. Libya's Zueitina Oil Co Restarts Production - NOC Head" Fox Business 18 October 2011.
  4. "Zuetina Oil Company" Zuetina Oil Company, retrieved 1 November 2011.
  5. "Zuetina Oil Company" Zuetina retrieved 1 November 2011.
  6. "Zuetina Oil Company" Zuetina retrieved 1 November 2011.
  7. Libya's Zueitina Oil Co Restarts Production - NOC Head" Fox Business 18 October 2011.
  8. "Zuetina Oil Company" Zuetina retrieved 1 November 2011.