LIFETIME OF ACHIEVEMENT IN ENERGY
This resulted in the creation of the California Arabian Standard Oil Company ( CASOC ) to manage the agreement .
CASOC spent years looking for oil , before finally finding Dammam No . 7 , nicknamed the “ prosperity well ”. The company ’ s name was changed to the Arabian American Oil Co . ( Aramco ) in 1944 . After proving it was an economic force for the country , the Saudi government purchased a 25 % interest in 1973 which grew to 60 % the next year .
Aramco has continued to innovate , developing new technologies and techniques to discover and extract oil .
It developed POWERS ( Parallel Oil- Water-Gas-Reservoir Simulator ) in 1997 to model and predict the performance of reservoirs , which became so successful it inspired a range of more powerful and precise Aramco simulation software .
The company now manages more than a hundred oil and gas fields in Saudi Arabia and operates the world ’ s largest single hydrocarbon network , the Master Gas System .
Amin says : “ As we focus on strategic growth opportunities and capturing value through integration and diversification , we intend to maintain
32 December 2024