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:
“We might hypothetically possess ourselves of every technological resource on the North American continent, but as long as our language is inadequate, our vision remains formless, our thinking and feeling are still running in the old cycles, our process may be “revolutionary” but not transformative.”
—Adrienne Rich (b. 1929)
“Many a green isle needs must be
In the deep wide sea of Misery,
Or the mariner, worn and wan,
Never thus could voyage on”
—Percy Bysshe Shelley (1792–1822)
“To make a good salad is to be a brilliant diplomatist—the problem is entirely the same in both cases. To know exactly how much oil one must put with one’s vinegar.”
—Oscar Wilde (1854–1900)