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Saudi Aramco's history dates back to May 29 1933, when the government of Saudi Arabia signed a concessionary agreement with Standard Oil of California allowing them to explore Saudi Arabia for oil. Standard Oil of California passed this concession to an affiliate called California Arabian Standard Oil Company . In 1936 with the company having no success at locating oil, the Texas Oil Company purchased a fifty percent stake of the concession.
After a long search for oil that lasted around 4 years without success, the first accomplishment they had was in Dammam in 1938, a well referred to as Dammam number 7. The discovery of this well gave the company the hope to continue and flourish. The company name was changed in 1944 to the Arabian American Oil Company (or Aramco) and in 1948 Standard Oil of California and the Texas Oil Company were joined by Standard Oil of New Jersey who purchased 30% and Socony Vacuum who purchased 10%, leaving Standard Oil of California and the Texas Oil Company with equal 30% shares.
In 1973 the Saudi Arabian government acquired a 25% share of Aramco, increased this to 60% by 1974 and finally acquired full control of Amarco by 1980. However the company name did not change until NovemberNovember is also the letter N in the NATO phonetic alphabet. November is the eleventh month of the year in the Gregorian Calendar, with 30 days. From the Latin novem for " nine". It was originally the ninth month of the year in the early Roman calendar, w 19881988 is a leap year starting on Friday (click on link for calendar). Events January January 2 Georgia celebrates its bicentennial statehood. January 9 Connecticut celebrates its bicentennial statehood. January 26 Australia celebrates its bicentennial day. when it became the Saudi Arabian Oil Company (or Saudi Aramco).
Saudi Arabia Oil companies