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Dammam No. 7; Country: Saudi Arabia: Region: Eastern Province: Location: Dhahran (Dammam metropolitan area): Coordinates: 1]: Operator: Saudi Aramco: Field history; Discovery: 1938: Start of development: 1946: Start of production: 1949: Abandonment: 1982: Production; Peak of production (oil): 1,600 barrels per day (~100,000 t/a): Dammam No. 7 also known as "Prosperity Well," [2] is an oil well ...
Geologist Thomas Barger, later Aramco’s CEO (1961–1969), documented the campaign’s high stakes in personal correspondence, noting that failure would undermine confidence in regional exploration. [9] The Abu Hadriya well reached depths exceeding 3,000 meters (10,000 feet) by early 1940—twice the depth of Dammam No. 7—but yielded no oil ...
He was chief geologist at California-Arabian Standard Oil Co. (CASOC) from 1936 until 1950 (by which time CASOC had become Aramco). His efforts, and persistence through repeated setbacks, led to the first discovery of oil in commercial quantities in Saudi Arabia, which took place at the well known as "Dammam No. 7" in March 1938.
In November 1988, a royal decree created a new Saudi Arab company, the Saudi Arabian Oil Company, to take control of the former Aramco assets (or Saudi Aramco) [28] and took the management and operations control of Saudi Arabia's oil and gas fields from Aramco and its partners. In 1989–90, high-quality oil and gas were discovered in three ...
The growth of the oil industry in the region had a similar impact on the small fishing villages of Dammam and Khobar. Within two decades of the discovery of oil, the huts of the fishermen that crowded the shore, which constituted the only permanent dwellings in the area, had given way to concrete buildings and modern housing, highways and streets.
On 16 November 2020, Saudi Aramco announced hiring banks to sell dollar-denominated bonds with the aim of improving finances after the coronavirus pandemic caused a sharp fall in the global demand for crude oil. Aramco's multi-tranche offer was set to run between 3 and 50 years, depending on the market conditions.