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:
“Only let the North exert as much moral influence over the South, as the South has exerted demoralizing influence over the North, and slavery would die amid the flame of Christian remonstrance, and faithful rebuke, and holy indignation.”
—Angelina Grimké (1805–1879)
“Ambition is a Dead Sea fruit, and the greatest peril to the soul is that one is likely to get precisely what he is seeking.”
—Edward Dahlberg (1900–1977)
“Friendship and money: oil and water.”
—Mario Puzo, U.S. author, screenwriter, and Francis Ford Coppola, U.S. director, screenwriter. Michael Corleone (Al Pacino)