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The Arastory begins in the early 1930s, when a band of brave explorers set out through the Saudi Arabian desert.
In 1933, Saudi Arabia and the Standard Oil Company of California (SOCAL) signed a Concession Agreement that marked the beginning of Aramco. In order to carry out the terms of the contract, the California Arabian Standard Oil Company (CASOC) was formed as a wholly-owned subsidiary.
The crew got immediately to work. In 1935, after years of exploration, oil drilling finally got underway in the Saudi desert. Years later, with little to show for their efforts, SOCAL officials turned to the organization’s chief geologist, Max Steineke, for guidance in 1937. Steineke advised them to keep drilling, based on his extensive experience in the field.
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The start of commercial oil extraction from Dammam No. 7 (nicknamed “Prosperity Well”) in 1938 laid the groundwork for the future success of Saudi Arabia and Aramco.
The initial shipment of oil in a tanker
The company’s meteoric rise began in the late 1940s, when it began producing oil at previously unheard-of rates. Making Saudi Arabia well-known for its oil resources is a side benefit.
In 1949, crude oil production at what is now called Aramco (the Arabian American Oil Company) reached a record high of 500,000 barrels per day.
As oil production skyrocketed, so did the need to increase distribution. The 1,212-kilometer-long Trans-Arabian Pipeline (Tapline) was built by Aramco in 1950 and was the longest pipeline in the world at the time. By connecting eastern Saudi Arabia to the Mediterranean Sea via the Tapline, the time and money needed to ship oil to Europe were drastically reduced. And in 1951, after two years of searching the shallow waters of the Arabian Gulf, they found the Safaniyah field. The oil field was discovered to be the largest offshore field in the world. In addition, Aramco produced more than 1 million barrels of crude oil in 1958 alone.
By 1962, Aramco had produced 5 billion barrels of crude oil in total, marking yet another significant milestone. One billion barrels of crude oil and petroleum products were being shipped annually from the Ras Tanura Marine Terminal by 1971.
Aramco established itself as a major economic force in Saudi Arabia and reconnected with its Saudi roots throughout the 1970s. The Saudi government initially invested in Aramco to the tune of 25% in 1973 before increasing its stake to 60% in 1974.
The Saudi government’s ownership stake in Aramco was raised to 100% in 1980. In 1984, His Excellency Ali I. Al-Naimi became our first Saudi president, and in 1988, he became our first Saudi president and CEO, ushering in the era of the Saudi Arabian Oil Company (now renamed Saudi Aramco).
In 1989, Aramco formed Star Enterprises, a joint venture with Texaco in the United States, marking the beginning of its transition from an oil producing and exporting firm to an integrated petroleum enterprise. Originally a joint venture between Texaco and Shell, Motiva eventually became Aramco’s sole property in 2017, making the Port Arthur, Texas refinery the largest of its kind in North America.
The Parallel Oil-Water-Gas-Reservoir Simulator (POWERS) was created by Aramco in 1997. After the success of POWERS, a high resolution (HR) reservoir simulator used to model and predict the efficiency of super-giant reservoirs and a variety of even stronger as well as precise Aramco simulation software were developed.
Service and Products – Aramco
Nontraditional markets and applications for oil and gas were explored, and investments in novel technologies were made to achieve cleaner, more effective manufacturing and consumption of oil. This included improving the sustainability and productivity of transportation with new engine technologies and fuels.
Aramco administers Saudi Arabia’s unique hydrocarbon reserves, optimising production and increasing their value over time.(Dubai more jobs APPLY NOW)
They deliver premium goods to the expanding global consumer base via a dedicated downstream system.
From fuels for transportation to sophisticated industrial raw materials, base oils, and lubricants, the energy and chemicals product line seeks to create value not only for consumers, but also for the company, its partners, and its shareholders.