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’m trusting in the Lord and a good lawyer.”
—Oliver North (b. 1943)
“the whole sea become an entanglement of watery bodies
lost to the world bearing what they cannot hold. Broken,
beaten, desolate, reaching from the dead to be taken up
they cry out, failing, failing! their cries rising
in waves still as the skillful yachts pass over.”
—William Carlos Williams (1883–1963)
“I bade, because the wick and oil are spent
And frozen are the channels of the blood....”
—William Butler Yeats (1865–1939)