The initial phase involved establishing the company and undertaking Joint Oil exploration through self-financing. This marked the commencement of the company's administrative setup, leveraging its own technical and financial capabilities. During this stage, the company compiled a technical information database both inside and the vicinity of the block, conducted seismic surveys, and generated relevant studies. Technical assessments identified various geological structures, leading to the selection of promising potential areas where mapped leads and prospects do exist. A comprehensive work program received approval, and plans were set to drill the first well in a significant potential by the latter half of 1992. Financing for this endeavor was directly provided by the two owners. By 1993, a shift occurred from the principle of self-financing to forming a partnership with a foreign investor, who would bear the risk throughout all stages of activity. This strategic decision gained approval from the joint (Libyan/Tunisian) Higher Committee. The phase persisted until 1995, initiating the search for a partner.
The second phase marked the initiation of the first Exploration and Production Sharing Agreement (EPSA) for the Joint Oil. Concluded on February 1st, 1997, with "Nimir Petroleum North Africa Company Limited" and "PETRONAS CARIGALI," the agreement became effective on May 5th, 1997. Despite extensive technical studies and seismic surveys (2D- 1585 km2 and 3D- 670 km2), Nimir Petroleum Company's drilling efforts from 1999 to 2002 yielded three dry exploratory wells with hydrocarbon shows. (El Amel South - 1 from August to October 1999; Besma-1 from January to April 2002; El Amel North - 1 from April to July 2002).
The third stage commenced with the signing of two agreements on August 27th, 2008, between Joint Oil and a Canadian company, Sonde Resources Corp. The first agreement involved an Exploration and Production Sharing Agreement ("Joint Oil Block"), while the second was a Swap Agreement related to the Canadian company's marine license "Mariner." The “Zarat North-1" appraisal well, the first commercial discovery on the block, was drilled and tested from November 2010 to January 2011, producing 625 barrels of oil and 12 million cubic feet of gas per day. SONDE's accumulated expenses amounted to 52 million USD. The company bankrupted and exit from the agreement in 2015. The fourth stage involves preparing for the marketing of the Joint Oil Block (comprising Exploration and Development Opportunities) through the Joint Oil, with internal collaboration and coordination with the two owners.
On December 21 & 22, 2022, following the recommendation of the General Assembly, the Joint Oil Block and Zarat Discovery will be marketed via the Joint Oil in cooperation and coordination with the two owners ETAP and OLA.
On April 13, 2023, the Board of Directors of the Joint Oil has issued Resolution No. 201/2023, authorizing the Joint Oil to market the Joint Oil Block and Zarat discovery, in cooperation and coordination with the two owners ETAP and OLA.