The BP Acquisition of 1998 refers to the acquisition of AMOCO Corporation by British Petroleum (BP). The merger was completed in August 1998 and created the second largest oil company in the world at the time. AMOCO, which had been founded in 1889, was a major American oil and gas company with operations in more than 40 countries. The acquisition allowed BP to expand its presence in the United States and gave it access to AMOCO's extensive research and development capabilities.