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 do not speak with any fondness but the language of coolest history, when I say that Boston commands attention as the town which was appointed in the destiny of nations to lead the civilization of North America.”
—Ralph Waldo Emerson (1803–1882)
“If the sea were ink
For the words of my Lord,
the sea would be spent before the Words of my Lord are spent.”
—Qur’An. The Cave 18:109, ed. Arthur J. Arberry (1955)
“I bade, because the wick and oil are spent
And frozen are the channels of the blood....”
—William Butler Yeats (1865–1939)