Zenith Energy Ltd., a hydrocarbon production company listed in London, Oslo and Stockholm, stated that 3,987 barrels of crude oil belonging to its Tunisian subsidiary Ecumed Petroleum Tunisia Ltd. (EPT) were sold without authorisation by the Tunisian state-owned company Entreprise Tunisienne d’Activités Pétrolières (ETAP). These barrels, originally produced at the El Bibane concession, had been transferred in January to MARETAP’s storage facilities at the request of local authorities for safety reasons.
Forced transfer followed by unilateral sale
The crude oil transfer to MARETAP, a joint venture equally owned by Zenith via its subsidiary Ecumed Petroleum Zarzis Ltd. (EPZ) and ETAP, was ordered despite an inspection on April 1 concluding that there were no environmental or safety risks. The tanks were fully emptied by April 20. No sales agreement had been established between the parties.
Zenith accuses ETAP of subsequently proceeding with a unilateral sale of the barrels without notice or revenue sharing, in breach of EPZ’s shareholder rights and contractual obligations. The company considers this action another instance of unlawful expropriation amid a prolonged dispute between the parties.
Sales blockage since 2022
Since 2022, EPT has claimed it can no longer sell its production in Tunisia, with authorities allegedly delaying or obstructing commercial transactions related to the Robbana and El Bibane concessions. This situation has forced the company to self-fund site maintenance, salaries, and regulatory compliance, incurring total costs of $2mn to date.
Recorded production since the start of the dispute totals 11,670 barrels, in steady decline: 5,791 barrels in 2022, 4,408 barrels in 2023, and 1,471 barrels so far this year. Nearly 8,000 barrels are currently stored at Robbana, reaching full site capacity.
Dispute expands to MARETAP governance
In parallel, Zenith reports ongoing obstacles to accessing financial and operational information from MARETAP, despite holding a 50% stake. The company argues that these repeated denials represent a serious breach of shareholder rights.
EPT has announced that it is taking legal action to contest the oil sale and defend its rights in the ongoing international arbitration process, which began nearly four years ago.
