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Saudi Aramco: The rise of an oil giant

By Andy Sambidge
Saudi Aramco
The drilling crew at Damman Well in 1937

1933: Oil concession agreement signed

1935: The first test well is drilled into the Dammam Dome

1939: First tanker load of petroleum exported

1949: Oil production hits 500,000 bpd

1958: Oil production exceeds 1 million bpd annually

1962: Crude oil production hits 5 billion barrels

1976: First to produce more than 3 billion barrels of oil in a year

1980: Saudi government concludes purchase of Aramco

1996: First European joint venture

2000: Research & Development Centre opens

2009: Petro Rabigh, its first petrochemical plant, begins production

2019: Aramco becomes a public company with shares listed on Tadawul

2020: Aramco acquires a 70% stake in Saudi Basic Industries Corporation (SABIC)

2022: Aramco overtakes US tech giant Apple as the world’s most valuable company

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