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:
“—Here, the flag snaps in the glare and silence
Of the unbroken ice. I stand here,
The dogs bark, my beard is black, and I stare
At the North Pole. . .
And now what? Why, go back.
Turn as I please, my step is to the south.”
—Randall Jarrell (1914–1965)
“Why is it we never get our bad medicine in small doses?”
—Edmund H. North, British screenwriter, and Lewis Gilbert. First Sea Lord (Laurence Naismith)
“Oh Gull of my childhood,
cry over my window over and over, take me back,
oh harbors of oil and cunners, teach me to laugh
and cry again that way that was the good bargain
of youth....”
—Anne Sexton (1928–1974)