Dubai:
The following are the milestones in the life of Aramco
1930’s: Oil concession agreement signed
On May 29, an oil concession agreement is signed between Saudi Arabia and Standard Oil Company of California (Socal). On November 8, a subsidiary company, California Arabian Standard Oil Company (Casoc) is created to manage the concession.
In 1934, First geological survey of Dammam Dome got completed. Schuyler B. “Krug” Henry and J.W. “Soak” Hoover complete their survey and structural contour map of the Dammam Dome, the location of the first oil field discovery in Saudi Arabia.
1940’s:
Abqaiq field discovered
While drilling continues on the Dammam Dome, chief geologist Max Steineke leads teams to study an apparent uplift in the Abqaiq area. Steineke, J. W. “Soak” Hoover and Jerry Harriss use this camp as their base of operations in 1936. Abqaiq Well No. 1 hits oil in early 1941, with flow rates indicating a major new oil field.
1950:
Tapline
The 1,212-kilometre Trans-Arabian Pipeline (Tapline), is completed, making it the longest in the world. Tapline links eastern Saudi Arabia to the Mediterranean Sea, sharply cutting the time and cost of exporting oil to Europe. Tapline remains in operation until 1983.
1962:
Cumulative crude oil production reaches 5 billion barrels.
1971:
Record shipments from Ras Tanura
Shipments of crude oil and petroleum products from Ras Tanura surpass a billion barrels per year for the first time.
1973:
Saudi government buys 25 per cent interest in Aramco
The Saudi government buys a 25 per cent participation interest in Aramco, increasing it to 60 per cent the following year.
1980:
Saudi government concludes purchase of Aramco
The government increases its participation interest in Aramco’s crude oil concession rights, production and facilities to 100 per cent, with retroactive financial effect to 1976.
Ali I. Al Naimi appointed company’s first Saudi president
Ali I. Al Naimi became the first Saudi president in 1984, and was appointed CEO in 1988. In 1995, he is named Saudi Arabia’s Minister of Petroleum and Mineral Resources.
1989:
First oil discovery in central Saudi Arabia
The first oil discoveries in central Saudi Arabia — at Hawtah and Dilam, south of Riyadh — are announced.
2010:
New solar-powered building in Dhahran
The company invested in a 10-megawatt grid-connected solar power farm installation adjoining the firms new North Park office building in Dhahran — the world’s largest project of its kind. North Park will be completely powered by energy from the solar panels.
