Saudi Aramco was founded in 1933 as the California Arabian Standard Oil Company.
The company originated from a concession granted by Saudi Arabia to Standard Oil of California, now Chevron. Oil was discovered commercially at Dammam Well No. 7 in 1938, transforming the company’s prospects and helping establish Saudi Arabia as a major oil-producing country.
The business later became associated with the Arabian American Oil Company, or Aramco. Saudi Arabia gradually increased its ownership, completed the takeover in 1980, and renamed the company Saudi Arabian Oil Company, commonly known as Saudi Aramco.
Saudi Aramco listed a portion of its shares on the Saudi Exchange in 2019. Its huge oil and gas reserves, production capacity, and profitability have made it one of the world’s largest companies by market capitalization. It is distinct from ExxonMobil, Chevron, and Shell, which are multinational energy companies with different ownership histories.