British Burma exported its first barrel of crude oil in 1853. The London-based Burmah Oil Company (BOC) was established in 1871 and began production in the Yenangyaung field in 1887 and the Chauk field in 1902. BOC enjoyed a monopoly in the sector until 1901, when the American Standard Oil Company launched operations in Burma. Oil supplies largely met the demand of British India. Prior to World War II and the Japanese invasion of Burma, oil production stood at 6.5 million barrels annually. After independence in 1948, Burma continued to be one of the more prosperous nations in Asia due to its petroleum industry and agricultural exports.