Energy Saudi Aramco: The rise of an oil giant By Andy Sambidge May 26, 2022 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
