Saudi Aramco operates the massive Ghawar oil field and is Saudi Arabia’s state-owned energy producer.
Saudi Aramco’s origins date to a 1933 concession granted by Saudi Arabia to Standard Oil of California. Oil was discovered commercially at Dammam Well No. 7 in 1938, helping establish the foundations of the modern Saudi economy. The company was gradually nationalized and became fully state-owned in 1988.
Ghawar, in Saudi Arabia’s Eastern Province, is widely regarded as the world’s largest conventional oil field by area and production history. Saudi Aramco manages upstream oil and gas operations, refining, petrochemicals, pipelines, and international distribution.
The company became publicly traded in 2019 when Saudi Arabia sold shares on the Tadawul exchange. Because market capitalization depends on both share price and shares outstanding, Saudi Aramco can rank among the world’s most valuable companies even when technology-company rankings change. It is not the same entity as OPEC, which is an intergovernmental organization.