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 should declare war on North Vietnam.... We could pave the whole country and put parking strips on it, and still be home by Christmas.”
—Ronald Reagan (b. 1911)
“If the sea were ink
For the words of my Lord,
the sea would be spent before the Words of my Lord are spent.”
—Qur’An. The Cave 18:109, ed. Arthur J. Arberry (1955)
“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)