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:
“Come see the north wind’s masonry.
Out of an unseen quarry evermore
Furnished with tile, the fierce artificer
Curves his white bastions with projected roof”
—Ralph Waldo Emerson (1803–1882)
“My position is a naturalistic one; I see philosophy not as an a priori propaedeutic or groundwork for science, but as continuous with science. I see philosophy and science as in the same boat—a boat which, to revert to Neurath’s figure as I so often do, we can rebuild only at sea while staying afloat in it. There is no external vantage point, no first philosophy.”
—Willard Van Orman Quine (b. 1908)
“Mr. Chadband is a large yellow man, with a fat smile, and a general appearance of having a good deal of train oil in his system.”
—Charles Dickens (1812–1870)