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:
“There are no whole truths; all truths are half-truths. It is trying to treat them as whole truths that plays the devil.”
—Alfred North Whitehead (1861–1947)
“... but by that time a lot of sea had rolled by and Lucette was too tired to wait. Then the night was filled with the rattle of an old but still strong helicopter. Its diligent beam could spot only the dark head of Van, who, having been propelled out of the boat when it shied from its own sudden shadow, kept bobbing and bawling the drowned girl’s name in the black, foam-veined, complicated waters.”
—Vladimir Nabokov (1899–1977)
“Friendship and money: oil and water.”
—Mario Puzo, U.S. author, screenwriter, and Francis Ford Coppola, U.S. director, screenwriter. Michael Corleone (Al Pacino)