This study examines the fate of oil well one (1) in the economic history of Nigeria. It adopted textual and expository analysis. The findings of the study revealed that despite the fact that the discovery of crude oil at Itokopiri near Oloibiri in Ogbia local government are of Bayelsa State in 1956 which has become the mainstay in the economic history of Nigeria. The area still remains backwards in terms of development. Oil well one (1) also changes the agrarian nature of the Nigerian peoples to a monocultural economy of crude oil from oil well one (1). Therefore it concluded that SPDC should as a deliberate corporate social responsibilities policy embark especially without the involvement of these citizens/governments of the area embark on a visible, reliable and landmark projects to make future generation realize the fact that oil well one (1) is fundamental to the greatness of Nigeria.