Petroleum Development Oman (PDO) is the leading exploration and production company in the Sultanate of Oman. The Company delivers the majority of the country's crude oil production and natural gas supply. The company is owned by the Government of Oman (with a 60% interest), Royal Dutch Shell (34%), TotalEnergies (4%) and Partex (2%). The first economic oil find was made in 1962, and the first oil consignment was exported in 1967. History A geological survey of the country in 1925 by the D'Arcy Exploration Company found no conclusive evidence of oil. Twelve years later, when American geologists began intensively searching for oil in neighboring Saudi Arabia, Sultan Said bin Taimur granted a 75-year concession for central Oman to the Iraq Petroleum Company (IPC), and a separate concession for the province of Dhofar. Pausing only for the Second World War, exploration for oil was under way in Oman. IPC created an associate company, Petroleum Development (Oman and Dhofar) Ltd, to operate the concession. The company had the same five shareholders as IPC, four of which had an interest of 23.75%: the Royal Dutch/Shell Group, the Anglo-Persian Company (which would eventually become the British Petroleum Company, or BP), Compagnie Française des Pétroles (a predecessor of today's Total) and the Near East Development Company (whose shareholders were Standard Oil of New Jersey and Socony-Vacuum, today's ExxonMobil), and the remaining 5% stake being held by the fifth shareholder, Partex, representing the interests of the oil magnate, Calouste Gulbenkian. In 1951, the Dhofar concession was allowed to expire and the company dropped 'Dhofar' from its title, becoming Petroleum Development (Oman) Ltd. Having landed at Duqm in February 1954, IPC geologists were faced with tribal conflicts which made access to the most promising oil prospect, Jebel Fahud, difficult. They reached the jebel in October 1954 and began to survey the surrounding terrain. Supplies had to be transported from Duqm. In January 1956 the company started drilling its first well at Fahud but did not find any oil. Later, when the supply line was switched to the Sumail Gap, warring tribes were able to disrupt convoys and bring operations to a halt. Further dry wells were drilled and this lack of success, combined with worsening logistical problems and a glut of oil on the world market, led most of the partners to withdraw from the venture in 1960. Only Shell and Partex opted to remain in Oman