Saudi Aramco began commercial oil production at Dammam Well No. 7 in 1938.
The well, drilled near Dhahran, Saudi Arabia, was initially known as Dammam No. 7 and later became famous as the “Prosperity Well.” Its successful production transformed the prospects of the Saudi oil concession and helped establish the country as a major petroleum producer.
The Saudi Arabian Oil Company traces its origins to a 1933 concession granted to the Standard Oil Company of California. The concessionaire later became part of the Arabian American Oil Company, or Aramco, before the Saudi government gradually acquired ownership.
Saudi Aramco became a publicly traded company in 2019, when it listed shares on the Saudi Exchange. That listing made it one of the largest companies in the world by market capitalization, although its share listing and company history are separate from the 1938 discovery milestone.