Saudi Aramco, one of the world's most valuable listed companies, began as which 1933 agreement?

Saudi Aramco began with a 1933 oil concession granted to Standard Oil of California.

The agreement was signed between the Saudi government and Standard Oil of California, later known as Chevron. Exploration followed, and commercial oil was discovered at Dammam Well No. 7 in 1938. The discovery established the foundation for Saudi Arabia’s modern petroleum industry.

The company’s ownership and name changed over time. Standard Oil of California transferred its concession interests to the newly formed California-Arabian Standard Oil Company, and the business later became Arabian American Oil Company, or Aramco. Saudi Arabia progressively acquired ownership before completing nationalization in the 1980s.

The modern name Saudi Aramco combines “Saudi” with the historical abbreviation “Aramco.” This origin is distinct from the company’s 2019 initial public offering, which made a portion of its shares publicly tradable decades after the original concession.