John D Rockefeller formed this company in 1889 which later got incorporated to the Standard Oil Company (Indiana); Amoco's first challenge was to build a refinery in northwestern Indiana specially designed to refine high-sulphur crude oil from a field near Lima, Ohio with one of the worldÃƒ‚Ã¢€Ã¢„Ãƒ‚¢s most recognizable logos being the torch and the oval.
In 1900 there were only 8,000 cars in the US, the count of which rose in 1910 with the total going well beyond 450,000. The next year, Amoco was selling some 88 per cent of all the kerosene and gasoline in the Midwest and in response to the rising demand for gasoline; it opened its first service station in 1912 in Minneapolis, Minnesota.
Amoco became independent in 1912 of Rockefeller's Standard Oil Trust and company scientist William Burton and his colleague, Robert Humphreys, received a patent for the thermal cracking process that doubled the yield of gasoline from a barrel of crude oil, while also boosting its octane rating. The Burton-Humphreys process was credited with averting a gasoline shortage during World War I. In the 1920s and 30s, Amoco sought to secure its own sources of crude oil, as well as better means of delivering it to its refineries, and in 1931 formed its exploration and production business - the Stanolind Oil and Gas Company.
The Hastings field was discovered in 1935 in Texas and a period of intense exploration followed, with 1,000 wells drilled in 1937 alone. Amoco Chemicals evolved from a small refinery by-products operation in Wood River, Illinois, in the early 40s and by the latter part of the era, Amoco introduced a hydraulic fracturing process called Hydrafrac to the industry, increasing crude oil and natural gas production worldwide. The 70s and 80s saw the company focusing on more economic means of production, modernized refining system and closure of obsolete facilities. The late 80s and early 90s saw intense expansion - in the UK, North Sea, Norway, Venezuela, Sharjah, Russia, China, Trinidad and Egypt. Domestic reserves were increased with acquisition of Tenneco Oil Company's Rocky Mountain division properties in 1988 and Dome Petroleum Company's holdings the next year.Thus, Amoco became the largest natural gas producer in North America and subsequently initiated its Renewal Process. In conjunction with this, it increased partnering in the mid to late 90s and when Amoco and BP announced that they had agreed to unite their global operations through a merger, the world knew that this represented the world's largest ever-industrial merger.
AMCO OIL COMPANYPosted on Mar 10, 2006