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Timeline of Oil in the Kingdom
timeline
2 min read
Article last updated 01/08/2024

1933

- The Founding King Abdulaziz Bin Abdulrahman Al Saud signed the oil concession agreement with the Standard Oil of California (SoCal).

- California Arabian Standard Oil Company (CASOC) was established as a subsidiary of SoCal.

- The first geological mission arrived at the coastal city of al-Jubayl on the Arabian Gulf.

1935

Drilling Dammam Well No. One.

1936

- Drilling Dammam Well No. Two, and oil flow.

- Results from Well No. Two led to drilling Dammam Wells No. Three, Four, Five, and Six.

- A decision was made in July to prepare Dammam Well No. Seven to be a deep test well.

1938

- Oil flowed from Dammam Well No. Seven, increasing its production.

1939

The Kingdom exported its first shipment of crude oil on a tanker.

1940

Discovery of Abqaiq Oil Field.

1944

The name of 'CASOC' was changed to 'Arabian American Oil Company (Aramco)'.

1949

Production reached five hundred thousand bbl per day.

1950

Completion of the Trans-Arabian pipeline “Tapeline”, with a length of 1,212 km.

1951

Discovery of the Safaniya field, the world's largest onshore field.

1958

Aramco's crude oil production reached one million bbl per year.

1962

Cumulative crude oil production reached five billion bbl annually.

1973

The Kingdom acquired a 25 percent share in Aramco.

1974

The Kingdom increased its share in Aramco to 60 percent.

1976

Aramco became the first company to produce over three billion oil bbl annually.

1977

Operations began at the al-Berri Gas Plant.

1980

The Saudi government took full ownership of Aramco.

1981

The shipment of crude oil and petroleum products from the marine terminal in Ras Tannurah reached one billion bbl annually.

1988

Establishment of the Saudi Arabian Oil Company (Saudi Aramco).

1989

Transforming Aramco from a mere oil-producing and exporting company into an integrated petroleum company.

1991

Acquisition of a 35 percent equity in a Korean refinery.

1994

Saudi Aramco acquired a 40 percent share in Petron Corporation.

1998

Operation of Shaybah field in ar-Rub' al-Khali (Empty Quarter) Desert.

2009

Commencement of production at Petro Rabigh plant.

2011

Establishment of the Sadara Joint Venture.

2013

Start of Manifa field project to increase crude oil production.

2014

Inauguration of production at the SATORP and YasRef refineries.

2017

Saudi Aramco acquired Motiva, the largest crude oil refinery in North America.

2018

Full acquisition of Arlanxeo.

2019

Aramco was converted into a public joint-stock company, listed on the Saudi Stock Exchange.

2020

Acquisition of a 70 percent share in SABIC by Saudi Aramco.

2022

Transferring 4 percent of Saudi Aramco shares to the Public Investment Fund.

2023

Acquisition of a 10 percent share in the Chinese company, Rongsheng Petrochemical Co. Ltd., and acquisition of the global products business of Valvoline.

2024

The company announced the addition of fifteen trillion ft of confirmed gas reserves and two billion bbl of condensates in al-Jafurah unconventional gas field.