Timeline / Before 1800 to After 1930 / ECONOMY AND TRADE
Date Country Theme
Early 1800s United Arab Emirates (Sharjah) Economy And Trade
The Qawasim possess a fleet of over 700 long-distance trading vessels, venturing all over the Gulf as well as in India and East Africa.
Around 1805 United Arab Emirates (Sharjah) Economy And Trade
The Qawasim demand tribute from the British East India Company in exchange for navigational rights in the Gulf; the British then begin military interventions aimed at destroying the economic hegemony of the Qawasim in the Lower Gulf region.
1810 - 1830 Tunisia Economy And Trade
Situated at the confluence of the seas of the Mediterranean, Tunis is seen as a great commercial city that many of her neighbours fear. Food and luxury goods are in abundance and considerable fortunes are created through international trade and the trade-race at sea.
1815 - 1859 Italy Economy And Trade
Italy is an agricultural country. Political fragmentation is an obstacle to trade and economic development. The different states use not only different currencies, but also different systems of measurement.
1815 - 1848 France Economy And Trade
The development of transport networks: the creation of railway lines from 1832, expansion of the road network and construction of a large number of canals.
1815 - 1848 France Economy And Trade
The pace of industrialisation picks up significantly: millions of tons of coal and iron are produced and production in the textile industry is enhanced by the Jacquard loom.
1816 - 1830 France Economy And Trade
The rise of the Stock Exchange in Paris, the financial capital of Europe.
1820 - 1870 France Economy And Trade
An exponential growth in agriculture sees increased land cultivation, mechanisation and expansion of crops grown for fodder.
After 1820 United Arab Emirates (Sharjah) Economy And Trade
Pearling becomes the major industry of the Qawasim and other sheikhdoms of the Arab littoral of the Gulf; exports provide the most important revenues.
1820s - 1850s Italy Economy And Trade Date Country Theme
Industrialisation begins at a slower pace compared with other Western European countries. It concentrates in Northern Italy (Piedmont, Lombardy) and in the Kingdom of Two Sicilies. Silk production is the strongest industrial sector.
1821 Austria Economy And Trade
In Trieste, Josef Ressel equips the steamship Civetta with a ship’s propeller for the first time.
1829 Romania Economy And Trade
14 September: the Treaty of Edirne annuls the Ottoman monopoly on Wallachia and Moldavia’s commerce.
1829 United Kingdom Economy And Trade
The Treaty of Adrianople, following a Russian-Turkish war, opens up the Black Sea to international trade. Trebizond becomes a major port for Persia and India. Constantinople, Smyrna (Izmir) and Aleppo, which have been major international trading communities for many centuries now, flourish with the expansion of steam power.
1829 Spain Economy And Trade
The Banco Español de San Fernando absorbs the highly indebted Banco Nacional de San Carlos, founded in 1782, thus becoming in fact the first Spanish bank. The bank continues as such until 1856, when it becomes Banco de España, the central Bank of Spain.
1830 - 1840 Germany Economy And Trade
Industrialisation and the Industrial Revolution.
1831 Spain Economy And Trade
Foundation of the Madrid stock exchange (Bolsa de Madrid), driven by the state's need to raise funds to cover, among other things, debts arising from the Carlist wars.
1832 Spain Economy And Trade
Mechanisation of the textile industry in Catalonia with the introduction of steam- powered machines. Progress in the textile industry continues in Catalonia until the 1920 crisis.
1832 Portugal Economy And Trade
Statesman and jurist José Mouzinho da Silveira (1780–1851) abolishes old taxes over real estate income, privileges and immunities detrimental to the kingdom’s economy. He creates the Tribunal do Tesouro Público for tax collection and Treasury administration. He defines the powers of the Minister of Finance and regulates Customs administration, among other reforms. Date Country Theme
1833 - 1835 Portugal Economy And Trade
18 September: The first Commercial Code by jurist José Ferreira Borges grants free trade and distribution of goods, abolishing monopolies, privileges and real estate transfer taxes. Article 2 defines a commercial act and the nature of intervening actors.
1834 Egypt Economy And Trade
A Khedival Decree promulgates the issue of an Egyptian currency consisting of a bi-metallic base of gold and silver. The Egyptian pound, known as the geneih is introduced, which replaces the Egyptian piastre (ersh) as the main unit of currency.
1836 - 1842 Portugal Economy And Trade
Under the framework of liberal Setembrismo, which seeks to fight against corruption and the privileges of the elite, an industrialisation process is promoted and protectionist customs taxes are adopted. One of the main reasons is to reduce the import of English products. The colonisation of African possessions is also developed.
1837 Spain Economy And Trade
The feudal system had been abolished under the Cádiz Constitution of 1812 but not completely enacted until 1837.
1837 - 1844 Spain Economy And Trade
First state confiscation and sale of Church properties known, after the minister who developed the law, as Desamortización de Mendizábal (Mendizábal's Disentailment) to fund the Carlist war.
1840 Romania Economy And Trade
Austrian engineers Karol and Rafael Hoffmann and Carol Maderspach initiate the extraction of coal in the Jiu Valley (south Transylvania), which was and still is the main coal-mining region of Romania.
1841 Lebanon Economy And Trade
Teams of spinners are brought from France to train young women. This was a real social revolution in this rural and traditional part of the country. According to G. Ducousso’s book The Silk Industry in Syria and Lebanon (1912), the French Consul in Beirut counted no fewer than 183 spinning mills in Lebanon.
1841 Greece Economy And Trade
The National Bank of Greece is founded.
1841 United Kingdom Economy And Trade
The Ottoman Bank is founded in this year, registered in London, to channel overseas investment in the Ottoman Empire. Date Country Theme
1843 Turkey Economy And Trade
The first successful attempt to open a modern bank in the Empire. Smyrna Bank is established by foreign merchants (English, French, Austrian, Dutch, Russian, American, Italian, Danish, Spanish and Greek) under the Swedish Consulate in Izmir in order to diminish their dependence on other merchants and bankers. It is closed in the same year for operating without permission.
1844 - 1846 Spain Economy And Trade
British interests in raw material – iron and coal – lead to the foundation of the iron and steel industry in Bilbao and Santander and industrial exploitation of the coal mines in Asturias.
1844 Portugal Economy And Trade
Foundation of the National Tobacco Company in Xabregas, Lisbon. Following the 18th-century tendency, the profits of tobacco manufacturing and trade became the major source of revenue for oligarchic businessmen (known as the Caixas) seeking its control. The monopoly was rented out by the state, usually on a triennial base.
1844 Turkey Economy And Trade
Monetary reform. Ottomans accept bimetallism. Lira, mecidiye and kuru# become official units. 100 kuru# are equal to one Ottoman lira. Silver mecidiyes equal to 20 kuru# are issued.
1846 Romania Economy And Trade
The rulers of Moldavia and Wallachia, Mihail Sturdza and Gheorghe Bibescu, sign a convention that stipulates the abolishment of the customs between the two countries. The convention becomes effective in January 1847.
1846 Portugal Economy And Trade
Merger of Banco de Lisboa and the investment company Companhia Confiança Nacional (1844–46) creating Banco de Portugal, which by 1887 shares the right to issue banknotes with other institutions. By 1891, Banco de Portugal becomes the sole issuer of bank notes for the mainland, the Azores and Madeira.
1849 Portugal Economy And Trade
The Tribunal de Contas (Supreme Audit Institution), the independent financial control department, is separated from the financial administration. The public accounts are verified by the Tribunal de Contas and approved by Parliament.
1850 - 1860 France Economy And Trade
Foundation of numerous banks: the Crédit Industriel et Commercial (1859), the Credit Lyonnais (1863) and the Société générale (1864).
1850 - 1900 Austria Economy And Trade Date Country Theme
The majority of fezzes worn as modern headgear in the Ottoman Empire during the second half of the 19th century are produced in the Austrian Empire.
1851 Portugal Economy And Trade
Launch of an ambitious plan of modernisation and the stable Regeneration period mostly led by Minister Fontes Pereira de Melo (1819–87) (and named Fontism after him) Infrastructure building, industrial production and business laws are promoted. Porto wine production and trade thrives and exports increase until the 1860s.
1853 - 1890 Lebanon Economy And Trade
Antun Bey Najjar, a merchant who made his fortune in Constantinople, builds Khan Antun Bey in 1853. It becomes a great business center and the building served for many institutions such as Beirut’s foreign consulates, the Ottoman administration, postal services, merchants’ offices and Beirut’s first bank, Imperial Ottoman.
1853 Germany Economy And Trade
Levi Strauss & Co founds the first company to manufacture blue jeans.
1854 Turkey Economy And Trade
Ottoman Empire obtains its first foreign loan.
1855 - 1867 Spain Economy And Trade
The Madoz law introduced in 1855 provides for the state confiscation and sale of the rest of the Church properties and also of municipal properties.
1856 Romania Economy And Trade
The internationalisation of the Danube through the Treaty of Paris has a positive influence on the development of Romanian commerce.
1856 Turkey Economy And Trade
The Ottoman Bank is established by English capitalists with capital of #500,000 (equivalent to about US$52 million in 2007). Established on a small scale, the bank becomes an imperial bank by 1863.
1857 Romania Economy And Trade
March: the first oil refinery in Romania is built by Teodor Mehedin#eanu at Râfov, Prahova.
1857 - 1859 Germany Economy And Trade
The Great Depression, which starts in the United states with the panic of 1857, represents the first global economic crisis.
1858 Austria Economy And Trade Date Country Theme
A unified silver currency the Guilder (Gulden) is introduced throughout the Austrian-Hungarian Empire.
1860 - 1863 Tunisia Economy And Trade
Restoration of the Zaghouan Aqueduct, Tunisia’s largest water-service network, allows supply to the capital and its suburbs.
1860 - 1921 Jordan Economy And Trade
Palestinian and Damascene merchants have long-established trade relations with Transjordan villages. There is a steady trade between al-Salt and Nablus, Karak and Hebron and between Ma’an and Gaza. Large families of these merchants move to these towns. They build many structures and become major landowners and form the elite of Transjordan society. These merchants become the dominant economic force and open up Transjordan to regional trade.
1862 Italy Economy And Trade
Law on the unification of currencies passed: the lira becomes the Italian currency.
1864 Romania Economy And Trade
27 October: foundation of the Romanian Chamber of Commerce and Industry.
1864 Portugal Economy And Trade
Banco Nacional Ultramarino is established in Lisbon, as the issuing bank for Portuguese overseas territories. BNU has a significant role in supporting the economic development of the country and the former colonies. Its savings, investment and issuing role facilitates the currency circulation throughout them.
1864 Portugal Economy And Trade
The unpopular tobacco monopoly is ended by parliamentary law. Hereafter tobacco will be auctioned and exploited by those offering the best price to the state. Some of the main tobacco companies merge into bigger companies to ensure its exploration. The Companhia Lisbonense de Tabacos, founded in 1865, becomes a major player.
1866 Italy Economy And Trade
A law confiscates the properties of religious orders and congregations, and establishes a state fund to support the clergy and monks.
1866 Spain Economy And Trade
Financial crisis during the last years of Queen Isabel II's government because of public investments in the construction of the railway.
1866 - 1905 Germany Economy And Trade Date Country Theme
Henri Nestlé founds the company Nestlé, which becomes the world’s largest corporation for comestible goods.
1866 - 1871 Germany Economy And Trade
Formation of the North German Confederation in 1866/7 sees a federation of the 22 independent states of northern Germany, with nearly 30 million inhabitants. It was the first modern German nation-state and the basis for the later German Empire (1871–1918).
1866 Turkey Economy And Trade
#zmir-Ayd#n railway is built.
1867 Romania Economy And Trade
4 May: proclamation of the law for the introduction of a new monetary system and for the issuing of national coins; 1870 is the year when the first Romanian coins are minted in Romania having previously been minted abroad.
1867 Italy Economy And Trade
Law on the abolition of religious bodies: the real estate properties of 25,000 religious bodies are auctioned.
1867 Portugal Economy And Trade
First phylloxera disease reaches the Portugal countryside. Porto wine and Portuguese wine production in general is reduced dramatically. This disease causes economic, financial and social distress and leads to the abandonment of vineyard farms. The loss of revenues and unemployment increases emigration, especially to Brazil.
1867 - 1880 Portugal Economy And Trade
Phylloxera Commission created by the government in order to protect vineyards from the disease. To combat the disease demands new methods of planting and production. New organisations of wine producers claim from central government the preservation of regional varieties as well as the definition and defence of Port and Douro wine “Denominação de Origem Controlada”.
After 1869 United Arab Emirates (Sharjah) Economy And Trade
Banyan (Hindu) merchants from British India increase their commercial, shipping and banking activities throughout the Trucial Coast, particularly within the pearling sector. Soon the Banyan becomes the main financiers, controlling all processes involving the preparation and pricing of pearls for export to Europe.
Around 1870 - Around 1920 United Arab Emirates (Sharjah) Economy And Trade
The period marks the peak of the pearling industry as the main export-commodity industry of the Gulf region. Date Country Theme
1870 Germany Economy And Trade
The Deutsche Bank is founded by Georg von Siemens.
1870 - 1913 Germany Economy And Trade
The rail network transforms German industry, and merchant shipping multiplies.
From 1871 Germany Economy And Trade
The capital market is enlivened by France’s payment of 5 million French francs, paid to Germany as compensation following the war between the two countries (1870–1).
From 1871 - 1914 Germany Economy And Trade
Germany’s industrial production is now six times what it had been.
1871 Turkey Economy And Trade
Ottoman railway policy is formulated by the decree of Sultan Abdülaziz to establish a main line between #stanbul and Baghdad, with secondary lines to the Black Sea and Mediterranean coasts.
1872 Austria Economy And Trade
Foundation of the Austrian Agricultural University in Vienna.
1873 - 1877 Tunisia Economy And Trade
Khayr al-Din undertakes reform of the Tunisian economy.
1873 Greece Economy And Trade
Foundation of the Greek Stock Market.
1873 Spain Economy And Trade
Development of the Minas de Riotinto (Huelva, Andalucía). Bought by a British company, the mines bring important economic progress to this region. The dangerous chemicals used in metal extraction spark the first environmental protest by mine workers. (The first fooball match took place in this mine, thanks to the British engineers.)
1873 Germany Economy And Trade
The Krupp Corporation is the largest industrial concern in Europe.
1873 - 1880 Germany Economy And Trade
The economic crash known as the Gründerkrise sees companies and banks shut down and a rise in unemployment and social dissatisfaction. Date Country Theme
1873 Lebanon Economy And Trade
Beirut Water Works factory is founded, providing water for daily use by the Lebanese people, taking water from Nahr al-Kalb and distributing it through an extensive water network.
1875 United Arab Emirates (Sharjah) Economy And Trade
Gray, Paul and Co, a British Company, establishes a shipping office in Lingah, a city within Qawasim territory, located on the Persian littoral of the Arabian Gulf. The port first served for mail delivery and as a transshipment centre for traffic to and from Bahrain and the Trucial Coast. Later until 1902 all pearls from the Trucial Coast were exported to British India via this port.
1875 - 1887 United Arab Emirates (Sharjah) Economy And Trade
Lingah, on the Persian littoral of the Gulf, serves as a conduit for the Trucial Coast’s imports from British India, including cloth, coffee, flour and rice. It is governed as a free port under Qawasim administration.
1875 - 1876 Egypt Economy And Trade
In December 1875 Stephen Cave and John Stokes are sent by the British Government to inquire into the finances of Egypt. Their report, published in April 1876, advises that in view of the perceived “waste and extravagance” it is necessary for foreign powers to interfere to restore credit.
1875 - 1876 Portugal Economy And Trade
In 1875 the French government convenes the Diplomatic Conference of the Metre that proclaims the Metre Convention. Portugal receives the tenth copies of the metric and kilogram standards.
1879 United Arab Emirates (Sharjah) Economy And Trade
A British-enforced Treaty is signed to ensure the mutual surrender of fraudulently absconding debtors in the pearling industry. It is signed by the Trucial Sheikhs in the presence of Haji Abdul Rahman, the Residency Agent at Sharjah, and Haji Abdul al-Qasimi, the Residency Munshi who had been deputed from Bushire to convey the directives of the British Resident.
1879 Germany Economy And Trade
The German Empire moves from a free-trade system to protective duty.
1880 Romania Economy And Trade
29 April: promulgation of the law for the founding of the National Bank of Romania.
1880 - 1920 France Economy And Trade Date Country Theme
The industrial boom is fuelled by technological innovations (i.e. electricity, cinema, the car and aeroplane). Advances in metallurgy results in construction of the Eiffel Tower in 1889.
1880 - 1887 Italy Economy And Trade
Italy is hit by the international agricultural crisis and annual per capita income decreases.
1881 - 1920 Tunisia Economy And Trade
Crises, both within the country’s social structures and the national economy, are the result of the protectorate’s grip over all the regency’s administration.
1881 United Kingdom Economy And Trade
When the Ottoman Empire is declared bankrupt, an Ottoman Public Debt Commission is established made up of an international body – mainly British, French and German – to manage the Empire’s finances. This becomes a form of veiled European control of Turkey’s economy. This followed a similar imposition of financial control over Egypt’s finances.
1881 Austria Economy And Trade
The Osterreichische-Alpine Montan-Gesellschaft is founded to mine the rich iron resources of north-west Styria.
1883 - 1903 Egypt Economy And Trade
The Egyptian Exchange, one of the oldest stock markets in the Middle East, traces its origins to 1883 when the Alexandria Stock Exchange is established, followed by the Cairo Stock Exchange in 1903.
1884 - 1919 Lebanon Economy And Trade
The old Egyptian port undergoes several important changes: buildings are extended, a commercial tribunal is constructed, and the land area is expanded by infilling with rocks brought by railway from Nahr al-Kalb.
1885 Egypt Economy And Trade
Alexandria’s Futures Market is one of the oldest in the world. The first recorded local cotton transaction takes place in 1885 in Café de l’Europe on the Place des Consuls, later renamed Muhammad ‘Ali Square. It is here that cotton merchants meet and cut deals based on supply and demand for the long staple, Karnak and Menuf, or the short to medium staple, Ashmuni, Giza and Zagora. Over the years, deals extend to cottonseed varieties such as Hull, Afifi and Sakellaridis.
1887 Italy Economy And Trade
Adoption of a protectionist policy aimed at boosting industrial development.
1887 Italy Economy And Trade Date Country Theme
Federation of Italian Cooperatives is funded (from 1893 known as the League of Cooperatives).
1888 - 1893 Tunisia Economy And Trade
Completion of the Port of La Goulette. After five years in construction, the port complex opens to trade on 28 May 1893.
1888 - 1890 Italy Economy And Trade
Tariff war with France.
1888 Turkey Economy And Trade
The Agricultural Bank (Ziraat Bankas#) is founded as the first state-funded bank of the empire.
1891 Tunisia Economy And Trade
Monetary reform: the administration of the protectorate decides to replace the Tunisian monetary unit the “piastre” with the French Franc.
1891 Greece Economy And Trade
An insurance company for sea transportation is founded on the island of Chios.
1892 - 1914 Tunisia Economy And Trade
Development of a railway network connecting the city of Tunis with its hinterland.
1892 Portugal Economy And Trade
13 June: bankruptcy is declared in Portugal causing tremendous popular outrage. The deficit in the public finances, the dependence on foreign funding and incipient industrialisation are contributing factors to this crisis.
1893 - 1894 Italy Economy And Trade
A comprehensive law on banking establishes the Bank of Italy, which starts operating on 1 January 1894.
1894 - 1913 Italy Economy And Trade
The chemical industry takes off. The production of fertilisers grows from 85,700 tons in 1894 to 1 million tons in 1913.
1895 Romania Economy And Trade
Promulgation of the Mining Law, which stipulates separation between the ownership of land and of the subsoil resources, which, except for oil, belong to the state. Concessions of oil exploitation by the state (in cases where the owner of the land did not want to do it) are regulated. Date Country Theme
1895 - 1913 Italy Economy And Trade
Major growth of iron and steel industry: cast iron production rises from 9,000 tons in 1895 to 426,000 tons in 1913; steel production rises from 50,000 tons in 1895 to 933,000 tons in 1913.
1896 - 1914 Italy Economy And Trade
Sustained economic growth (except for short crises in 1900 and 1907–08); industrialisation makes a leap forward.
1898 Portugal Economy And Trade
Industrialist Alfredo da Silva refounds CUF (Companhia União Fabril), in Barreiro in the beginning of the 20th century. CUF produced soap, candles and vegetable oils, later becoming a leader of the fertilizer and other chemical products sector. Da Silva gave residential quarters and free education to all his employees nationwide.
1899 United Arab Emirates (Sharjah) Economy And Trade
By 1899 private British, French and other European arms dealers import some 20,000 rifles into the Trucial Coast region and Oman annually.
1899 Italy Economy And Trade
In Turin, Giovanni Agnelli founds the car factory FIAT.
1899 Egypt Economy And Trade
The National Bank of Egypt introduces notes in denominations of 50 piasters, and one, five, ten, 50 and 100 Egyptian pounds.
1900 France Economy And Trade
The first line of the Paris Metro is built for the second Universal Exhibition.
1900 - 1909 Italy Economy And Trade
Annual per capita income increases by 18.5% during the decade because of industrialisation.
1901 Greece Economy And Trade
The Greek Chamber of Commerce is founded in Alexandria, Egypt, with Emmanouil Benakis as its president.
1902 United Arab Emirates (Sharjah) Economy And Trade
The Qawasim and other sheikhs of the Arab littoral agree by Treaty to prohibit the import of arms into their territories.
Around 1914 - 1918 Germany Economy And Trade Date Country Theme
In 1914 Germany becomes the biggest industrial nation within Europe as a result of munitions production before and during World War I.
1905 Italy Economy And Trade
Nationalisation of the railways.
1909 Egypt Economy And Trade
Trading had hardly started that day (30 April) at Shari‘ al-Borsa al-Jadida or New Bourse Street when it was announced that Raphael Suares, the leading laissez- faire banker-industrialist in Egypt, had passed away. The Bourse closed for the rest of the day. It was largely thanks to Saures’ efforts that Cairo had a bourse in the first place. His unexpected and early death meant that Suares missed by only a few months the imposition of the first ever bourse regulations.
1911 United Arab Emirates (Sharjah) Economy And Trade
The Qawasim and other sheikhs of the Arab littoral sign a Treaty with the British that enjoins them to request permission from the British Resident in the Arabian Gulf prior to responding to foreign requests for pearling or sponge-fishing rights along the Trucial Coast.
1912 Italy Economy And Trade
Law establishes state monopoly of life insurance and creates the Istituto nazionale delle assicurazioni (INA).
1914 Qatar Economy And Trade
Sheikh Abdullah bin Jassim regulates the activity of pearling. He issued and publishes the first written document on pearling activities identifying the start and the end dates of the season and the dividend rates of workers in pearling dhows.
1914s United Arab Emirates (Sharjah) Economy And Trade
Around 1914, 80 per cent of the Trucial Coast’s labour force is involved in the wider pearling sector, including 950 major pearl merchants, 1,300 pearling ship-owners and some 21,000 general employees. The remainder are employed in agriculture, fisheries and other forms of commerce. Gulf pearling exports amount to 2 million pounds sterling.
1914 - 1920 Spain Economy And Trade
Due to Spain's neutrality in World War I, the economy witnesses increased production and industrial growth. The end of the war produces the beginning of a crisis that causes the end of the monarchy in 1931.
1914 - 1926 Portugal Economy And Trade
Crisis of the First Republic (1914–26). Lack of political stability due to the absence of parliamentary majorities able to undertake much-needed reforms, together with the political consequences of Portugal’s participation in World War I from 1916, Date Country Theme contributes to the deterioration of the economic situation, hastening the fall of the Republican regime.
1915 - 1918 Italy Economy And Trade
When the war breaks out, the state takes a leading role in organising industrial production. Dramatic growth of steel, mechanic, chemical and textile productions. Workers in industries of strategic value are submitted to military discipline.
1916 - 1917 Egypt Economy And Trade
More paper currency enters circulation: the 25 piaster together with the five and 10 piaster.
1919 - 1920 Lebanon Economy And Trade
New currency is adopted when the Lebanese Bank is linked to the Syrian Bank.
1921 Italy Economy And Trade
Electricity production is 4,450 million kWh.
1924 Austria Economy And Trade
The counterstamp of Austrian Maria Theresia Thaler (“MTT”) is seen on silver bullion coins from the Arabian mint in Najd.
1925 Qatar Economy And Trade
Sanat al-Tabaa: the year in which a relentless storm hits Qatar and the Gulf region, destroying many of the pearling and fishing fleets and killing more that 8,000 people.
1932 Qatar Economy And Trade
Sheikh Abdullah bin Jassim grants the Anglo-Persian Oil Company a two-year exploration licence in Qatar.
1940 Qatar Economy And Trade
Dukhan, Qatar, Oil Well No. 1 completed at a depth of 1,733 m, producing around 4,480 barrels of oil per day.