In fact, the term “the Oil Concession of 1901” refers to an event at the beginning of the 20th century, in which a concession agreement was signed between William Knox D’Arcy and Mozaffar ad-Din Shah Qajar. The concession set out the exclusive rights for a successful British entrepreneur for 20,000 Sterling. Thanks to them, Darcy and his team got the opportunity for 60 years of research in the area of Iran. The historical period of the event originated with the beginning of a new century and new achievements – 1901. During this period, the first “agreement” took place within the framework of the oil industry and activities in Persia, referred to as the “D’arcy Concession.”
However, despite significant cash injections, it was not possible to find a single oil field for a long time. In 1905, the entrepreneur signed an agreement with the Scottish firm Burmah Oil, which continued to finance the project. The D’arcy team did not believe in the enterprise’s success and was ready to give up, but the long-awaited luck finally smiled on them in 1908.
The historical significance of this event lies in the fact that it contributed to changing the geopolitical balance of the world due to the discovery of a new natural field. According to Winston Churchill, the concession was able to bring Great Britain to prosperity and enrich forty million pounds sterling. In this case, the D’arcy concession also laid the main growth opportunities for the British economy.