Oil was first discovered in Saudi Arabia in 1938 by the Standard Oil Company of California. Dammam Well #7 was the first well to produce commercial quantities of oil. This well was later renamed Prosperity Well and a memorial was set up on the original site. This well produced oil until 1982. I visited the well since it is on the Saudi Aramco Office complex. The Saudi Aramco headquarters was built up around the original oil discovery.
The memorial was rather unimpressive for how important it was for Saudi Arabia.
10 exploratory oil wells were originally drilled in the country. Saudi Arabia is a fairly large country. It is 3 times larger than Texas, but only has slightly more population than Texas.
Matthew of Arabia 