<PAGE>

                                  SCHEDULE 13G
 
Item 1    (a)  Name of Issuer:               Zapata Corporation
 
          (b)  Address of Issuer's           One Riverway, Suite 2200
               Principal Executive Offices:  777 South Post Oak Lane
                                             Houston, Texas  77056
 
Item 2    (a)  Names of Persons Filing:      BankAmerica Corporation
                                             ("BAC")
                                             Bank of America NT&SA
                                             ("BANT&SA")
 
          (b)  Address of Principal          555 California Street
               Business Office:              San Francisco, California 94104

          (c)  Citizenship:                  BAC is organized
                                             under the laws of Delaware.
                                             BANT&SA is organized under the laws
                                             of the United States.

          (d)  Title of Class of Securities: Common Stock, par value $0.01 per
                                             share.

          (e)  CUSIP Number:                 989070107

Item 3   If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
         check whether the person filing is a:

         (a) [ ]   Broker or Dealer registered under Section 15 of the Act

         (b) [X]   Bank as defined in Section 3(a)(6) of the Act

         (c) [ ]   Insurance Company as defined in Section 3(a)(19) of the Act

         (d) [ ]   Investment Company registered under Section 8 of the
                   Investment Company Act

         (e) [ ]   Investment Adviser registered under Section 203 of the
                   Investment Advisers Act of 1940

         (f) [ ]   Employee Benefit Plan, Pension Fund which is subject to the
                   provisions of the Employee Retirement Income Security Act of
                   1974 or Endowment Fund

         (g) [X]   Parent Holding Company, in accordance with (S)240.13d-
                   1(b)(1)(ii)(G)

         (h) [ ]   Group, in accordance with (S)240.13d-1(b)(1)
                   (ii)(H)

                               Page 4 of 7 pages