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 am fearful when I see people substituting fear for reason.”
—Edmund H. North (1911–1990)
“If I were as I once was, the strong hoofs crushing the sand and the shells,
Coming out of the sea as the dawn comes, a chaunt of love on my lips,
Not coughing, my head on my knees, and praying, and wroth with the bells,
I would leave no saint’s head on his body from Rachlin to Bera of ships.”
—William Butler Yeats (1865–1939)
“Eat what you can get.
Where’s the salt
in this dump of a village?
And, Lucky Man,
what’s the use
of a salty thing
if there’s no oil in it?”
—Hla Stavhana (c. 50 A.D.)