Said bin Taimur became the sultan of Muscat officially on 10 February 1932. The rule of sultan Said bin Taimur, who was backed by the British government, was characterized as being feudal, reactionary and isolationist. The British government maintained vast administrative control over the Sultanate as the defence secretary and chief of intelligence, chief adviser to the sultan and all ministers except for one were British. In 1937, an agreement between the sultan and Iraq Petroleum Company (IPC), a consortium of oil companies that was 23.75% British owned, was signed to grant oil concessions to IPC. After failing to discover oil in the Sultanate, IPC was intensely interested in some promising geological formations near Fahud, an area located within the Imamate. IPC offered financial support to the sultan to raise an armed force against any potential resistance by the Imamate.