History - Growth of Aramco

After four years of exploration, the first success came with the seventh drill site in Dammam,in 1938, a well referred to as Dammam No. 7
With sweet success Saudi Aramco was producing around 1500 barrels per day which gave the company confidence to continue exploration and growing their company.
The company name was changed in 1944 from California-Arabian Standard Oil Company to Arabian American Oil Company (Aramco).
 In 1950, King Abdul Aziz Ibn Saud threatened to nationalize his country's oil facilities, thus pressuring Aramco to agree to share profits 50/50 to make it more beneficial to Saudi Arabia.  In the wake of the new arrangement, the company's headquarters were moved from New York to Dhahran.

History - Early Formation of Aramco

The company was founded on 29th May 1933.

The Saudi government gave concession to Standard Oil of California (Socal) to compete with a rival bid from the Iraq Petroleum Company - The concession allowed Socal to explore for oil in Saudi Arabia.

However In 1936, Socal had no success at locating oil, therefore the Texas Oil Company (Texaco) purchased a 50% stake of the concession to explore and exploit oil in Saudi Arabia. 

Saudi Aramco

Saudi Aramco is the official Petroleum and Gas Petrochemical Company of Saudi Arabia