Saudi Aramco operates the world's largest oil field, Ghawar, and is Saudi Arabia's national oil producer.
The company was founded in 1933 after Saudi Arabia granted an oil concession to Standard Oil of California. Commercial production began at Dammam Well No. 7 in 1938, helping transform the kingdom's economy. The company became fully state-owned in 1980 and took its current name from the former Arabian American Oil Company.
Ghawar, located in Saudi Arabia's Eastern Province, has been one of the most productive oil fields in history. Saudi Aramco also operates the world's largest conventional oil and gas production system, with extensive refining, shipping, and petrochemical operations.
A common mix-up is confusing Saudi Aramco with the Saudi government itself. The government is the controlling shareholder, while Saudi Aramco is the publicly listed energy company. Its 2019 initial public offering made it one of the world's most valuable listed companies.