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:
“When the Somalians were merely another hungry third world people, we sent them guns. Now that they are falling down dead from starvation, we send them troops. Some may see in this a tidy metaphor for the entire relationship between north and south. But it would make a whole lot more sense nutritionally—as well as providing infinitely more vivid viewing—if the Somalians could be persuaded to eat the troops.”
—Barbara Ehrenreich (b. 1941)
“Through the din and desultoriness of noon, even in the most Oriental city, is seen the fresh and primitive and savage nature, in which Scythians and Ethiopians and Indians dwell. What is echo, what are light and shade, day and night, ocean and stars, earthquake and eclipse, there? The works of man are everywhere swallowed up in the immensity of nature. The AEgean Sea is but Lake Huron still to the Indian.”
—Henry David Thoreau (1817–1862)
“Opinions are to the vast apparatus of social existence what oil is to machines: one does not go up to a turbine and pour machine oil over it; one applies a little to hidden spindles and joints that one has to know.”
—Walter Benjamin (1892–1940)