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:
“Civilization does not engross all the virtues of humanity: she has not even her full share of them. They flourish in greater abundance and attain greater strength among many barbarous people. The hospitality of the wild Arab, the courage of the North American Indian, and the faithful friendships of some of the Polynesian nations, far surpass any thing of a similar kind among the polished communities of Europe.”
—Herman Melville (1819–1891)
“You and I were a couple of drunks on the sea of booze and the boat sank.”
—J.P. (James Pinckney)
“No skilled hands
caress a stranger’s flesh with lucid oil before
a word is spoken
no feasting
before a tale is told, before
the stranger tells his name.”
—Denise Levertov (b. 1923)