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:
“The English were very backward to explore and settle the continent which they had stumbled upon. The French preceded them both in their attempts to colonize the continent of North America ... and in their first permanent settlement ... And the right of possession, naturally enough, was the one which England mainly respected and recognized in the case of Spain, of Portugal, and also of France, from the time of Henry VII.”
—Henry David Thoreau (1817–1862)
“All night your moth-breath
Flickers among the flat pink roses. I wake to listen:
A far sea moves in my ear.”
—Sylvia Plath (1932–1963)
“It is wise to apply the oil of refined politeness to the mechanism of friendship.”
—Colette [Sidonie Gabrielle Colette] (1873–1954)