Saudi Arabia Oil History and Facts

The video explores the critical role of oil in modern economies, focusing on Saudi Arabia's vast reserves. It traces the historical search for oil in Arabia, driven by World War I and economic needs. Key figures like Ibn Saud and Franklin Holmes initiated early exploration efforts, facing challenges like the Red Line Agreement. The discovery of oil in Bahrain renewed interest, leading to SOCAL's successful ventures in Saudi Arabia. The discovery of Dammam Well Number 7 marked a turning point, establishing Saudi Arabia as a major oil producer. The video concludes with the expansion of oil fields and the evolution of Saudi Aramco, highlighting Saudi Arabia's continued dominance in global oil exports.

What percentage of the world's petroleum reserves does Saudi Arabia possess?

• 30%

• 25%

• 17%

• 10%

Which global event significantly increased the demand for oil, prompting exploration in Arabia?

• World War I

• World War II

• The Cold War

• The Industrial Revolution

Who was the founder and first king of Saudi Arabia involved in early oil exploration?

• Ibn Saud

• King Abdullah

• King Salman

• King Faisal

Which company was awarded an oil concession in Al-Hasa, Saudi Arabia, in 1933?

• Gulf Oil

• Standard Oil of California

• British Petroleum

• Royal Dutch Shell

What was the name of the well that finally struck oil in Saudi Arabia in 1938?

• Dammam Number 1

• Dammam Number 7

• Ghawar Well

• Safaniya Well

What was the original name of the company that controlled oil in Saudi Arabia before it became Saudi Aramco?

• Middle East Petroleum

• Saudi Oil Corporation

• Arabian American Oil Company

• Desert Oil Company

Which is the largest conventional oil field discovered in Saudi Arabia?

• Dammam Field

• Al-Hasa Field

• Ghawar Field

• Safaniya Field

In what year was the Safaniya Oil Field, the world's largest offshore field, discovered?

• 1948

• 1951

• 1960

• 1973

When was ARAMCO officially bought out by Saudi Arabia and renamed Saudi Aramco?

• 1995

• 1988

• 1980

• 1975

What was Dammam Well Number 7 renamed to in 1999?

• Wealth Well

• Abundance Well

• Fortune Well

• Prosperity Well