Dubai Petroleum Establishment came into existence on April of 1963, when the then Ruler of Dubai, His Highness Sheikh Rashid bin Saeed Al Maktoum had the foresight and granted Continental National Oil Company a concession covering the offshore area of the Dubai Emirate to begin exploring for oil.
These efforts resulted in the discovery of oil in Fateh field in 1966 which His Highness personally chose the name for, meaning “good fortune” in Arabic. The discovery of the South West Fateh Field happened four years later, and Falah and Rashid after that. However, Dubai Petroleum Establishment faced a problem in storing the oil produced in the Fateh field because of the shallow waters in the area. This resulted in an innovative idea of building and transporting large floating tanks offshore to where the oil is produced and hence solving the storage problem. On the 22nd September 1969, the first tanker of oil was exported from Fateh Field, and thus enabling Dubai to finance its developments and enter a new phase in its modern history through a number of huge projects new to the Gulf and the Middle East Region.