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:
“Biography is a very definite region bounded on the north by history, on the south by fiction, on the east by obituary, and on the west by tedium.”
—Philip Guedalla (1889–1944)
“There is no sea more dangerous than the ocean of practical politics—none in which there is more need of good pilotage and of a single, unfaltering purpose when the waves rise high.”
—Thomas Henry Huxley (1825–95)
“Can he who has discovered only some of the values of whalebone and whale oil be said to have discovered the true use of the whale?”
—Henry David Thoreau (1817–1862)