North Sea oil is a mixture of hydrocarbons, comprising liquid oil and natural gas, produced from oil reservoirs beneath the North Sea.
In the oil industry, the term "North Sea" often includes areas such as the Norwegian Sea and the area known as "West of Shetland", "the Atlantic Frontier" or "the Atlantic Margin" that is not geographically part of the North Sea.
Brent crude is still used today as a standard benchmark for pricing oil, although the contract now refers to a blend of oils from fields in the northern North Sea.
Read more about North Sea Oil: Licensing, Reserves and Production, Carbon Dioxide Sequestration
Famous quotes containing the words north, sea and/or oil:
“When the Somalians were merely another hungry third world people, we sent them guns. Now that they are falling down dead from starvation, we send them troops. Some may see in this a tidy metaphor for the entire relationship between north and south. But it would make a whole lot more sense nutritionally—as well as providing infinitely more vivid viewing—if the Somalians could be persuaded to eat the troops.”
—Barbara Ehrenreich (b. 1941)
“In tremendous extremities human souls are like drowning men; well enough they know they are in peril; well enough they know the causes of that peril;Mnevertheless, the sea is the sea, and these drowning men do drown.”
—Herman Melville (1819–1891)
“I became increasingly anarchistic. I began to find people of my own class vicious, people in clean collars uninteresting. I even accepted smells, personal as well as official. Everyone who came to the studio smelled either of machine oil or herring.”
—Margaret Anderson (1886–1973)