The Fateh Oil Field, also called the Fath Oil Field, is an area of offshore oil production approximately 60 miles (96.6 km) from Dubai

Dubai

Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...

 and within that country's share of the Persian Gulf

Persian Gulf

The Persian Gulf, in Southwest Asia, is an extension of the Indian Ocean located between Iran and the Arabian Peninsula.The Persian Gulf was the focus of the 1980–1988 Iran-Iraq War, in which each side attacked the other's oil tankers...

. It was discovered in 1966, and was named Fateh (meaning "good fortune") by Dubai monarch Rashid bin Saeed Al Maktoum

Rashid bin Saeed Al Maktoum

HH The Emir Sheikh Rashid bin Saeed Al Maktoum was the Vice-President and Prime Minister of United Arab Emirates and Emir of Dubai...

. In 1968, Continental Oil Company

ConocoPhillips

ConocoPhillips Company is an American multinational energy corporation with its headquarters located in the Energy Corridor district of Houston, Texas in the United States...

 announced plans to construct a 500000 barrels (79,493.6 m³) underwater oil storage facility to hold petroleum extracted from the field. The underwater storage was a world first, as before that time, offshore oil production had been channeled to onshore storage and tanker loading facilities. The first of these underwater holding tanks, called Khazzans, was completed in 1969, the year the first barrel of oil was shipped from the field to world markets on September 22, 1969.