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:
“I felt that he, a prisoner in the midst of his enemies and under the sentence of death, if consulted as to his next step or resource, could answer more wisely than all his countrymen beside. He best understood his position; he contemplated it most calmly. Comparatively, all other men, North and South, were beside themselves.”
—Henry David Thoreau (1817–1862)
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Men were deceivers ever,
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To one thing constant never:
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Into Hey nonny, nonny.”
—William Shakespeare (1564–1616)
“Friendship and money: oil and water.”
—Mario Puzo, U.S. author, screenwriter, and Francis Ford Coppola, U.S. director, screenwriter. Michael Corleone (Al Pacino)