On May 29, 1933, a pivotal moment in global energy history occurred when the Kingdom of Saudi Arabia and the Standard Oil Company of California (SoCal) signed a 60-year oil concession agreement. This agreement granted SoCal exclusive rights to explore and extract oil across approximately 930,000 square kilometers in the eastern region of Saudi Arabia. The first significant oil discovery came in 1938 with the successful drilling of Dammam No. 7, also known as the "Prosperity Well." This discovery led to the commencement of oil exports in 1939.