The A to Z of the Petroleum Industry by M.S. Vassiliou

Author:M.S. Vassiliou
Language: eng
Format: mobi
Tags: Scarecrow Press
ISBN: 9780810871533
Publisher: Scarecrow Press
Published: 2009-09-24T00:00:00+00:00

Abu

Abu

Iran

Iraq

Kuwait

Dhabi

Dhabi

Qatar

Consortium

Petroleum Aramco

Oil

Petroleum

Marine

Petroleum

1954–

1928–

1933–

1934–

1935–

1954–

1935–

1979

1975

1980

1975

1974

1974

1976

BP 40%

23.75%

50%

23.75%

66.67%

23.75%

Shell 14%

23.75%

23.75%

23.75%

Exxon 7%

11.875%

30%

11.875%

11.875%

Mobil 7%

11.875%

10%

11.875%

11.875%

Gulf 7%

50%

Texaco 7%

30%

Chevron 7%

30%

CFP 6%

23.75%

23.75%

33.33%

23.75%

Others 5% 5% 5%

5%

CONSORTIA

Abu Dhabi Marine: Abu Dhabi National Oil Company acquired majority control in 1974.

Abu Dhabi Petroleum: Known as Petroleum Development (Trucial States) 1935–1963. Abu Dhabi National Oil Company acquired

majority control in 1974.

Aramco: Organized in 1933 by Standard Oil of California (Socal, later Chevron) as the California Arabian Standard Oil Company (Casoc). The Texas Corporation (Texaco) joined as a partner in 1936. Casoc changed its name to Aramco in 1944. Socony–

Vacuum (later Mobil) and Standard Oil of New Jersey (later

Exxon) joined as partners in 1948. The government of Saudi

Arabia acquired complete control in 1980.

Iran Consortium: The “Others” here are the Iricon group, initially composed of Aminoil, Richfield (later Arco), Signal, Hancock, 557

558 • APPENDIX 2: MAJOR MIDDLE EASTERN CONSORTIA

Sohio, Pacific Western/Getty, Tidewater (Getty), Atlantic (later Arco), and San Jacinto.

Iraq Petroleum: Founded in 1912 as the Turkish Petroleum Company. Known after 1929 as Iraq Petroleum Company. U.S. partners did not join until 1928. The 5 percent share was owned by Calouste Gulbenkian.

Kuwait Oil: Formed by Anglo–Persian Oil Company (later Anglo–

Iranian Oil Company, eventually BP) and Gulf Oil. The government of Kuwait acquired complete control between 1974 and 1975.

Qatar Petroleum: Known as Petroleum Development (Qatar) before 1963; acquired by Qatar government in phases between 1974

and 1976.

SEVEN SISTERS PLUS ONE

BP: Anglo–Persian Oil Company 1909–1935; Anglo–Iranian Oil Company 1935–1954. Became British Petroleum in 1954.

CFP: Compagnie Française des Pétroles; became Total CFP in 1985, Total in 1991.

Chevron: Standard Oil Company of California, or Socal, until 1984; Chevron 1984–2001; ChevronTexaco 2001–2005; became Chevron in 2005.

Exxon: Standard Oil Company of New Jersey until 1972; Exxon 1972–1999; became ExxonMobil in 1999.

Gulf: Acquired by Socal in 1984. Enlarged company became Chevron.

Mobil: Socony–Vacuum, 1931–1955; Socony Mobil 1955–1966; Mobil 1966–1999; became ExxonMobil in 1999.

Shell: Royal Dutch Shell, formed in 1907 by amalgamation of Royal Dutch Company and Shell Transport and Trading Company.

Texaco: The Texas Company 1902–1926; Texas Corporation 1926–

1941; Texas Company 1941–1959; Texaco 1959–2001; Chevron-

Texaco 2001–2005; Chevron 2005.

Appendix 3: Various Companies

with Roots in Standard Oil

Amoco: Was Standard Oil of Indiana, independent in 1911. Acquired Standard Oil Company of Nebraska in 1939 and Standard Oil

Company of Kansas in 1948.

Arco (Atlantic Richfield Company): Part of Arco’s origins lie in the Atlantic Refining Company established in 1870 (first organized as the Atlantic Petroleum Storage Company in 1866). Atlantic Refining became part of Standard Oil in 1874. It became independent again in 1911. It merged in 1966 with the Richfield Oil Corporation, a non-Standard company, to form Atlantic Richfield (Arco).

Arco acquired Sinclair Oil in 1969. Sinclair was a non-Standard company but had acquired some Standard heritage in 1930 by

purchasing the Waters–Pierce Oil Company, and in 1932 by purchasing the Prairie Oil and Gas Company. Waters–Pierce came under the influence of the Standard Oil Trust in 1878. It became an independent company as a result of the 1911 breakup, as did Prairie Oil and Gas.

BP: BP has a significant Standard Oil legacy through its acquisitions of Sohio and Arco (1986 and 2000, respectively) and its merger with Amoco (1998).

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