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:
“The battle of the North Atlantic is a grim business, and it isn’t going to be won by charm and personality.”
—Edmund H. North, British screenwriter, and Lewis Gilbert. First Sea Lord (Laurence Naismith)
“Then Moses stretched out his hand over the sea. The LORD drove the sea back by a strong east wind all night, and turned the sea into dry land; and the waters were divided. The Israelites went into the sea on dry ground, the waters forming a wall for them on their right and on their left.”
—Bible: Hebrew, Exodus 14:21,22.
“As artists they’re rot, but as providers they’re oil wells; they gush. Norris said she never wrote a story unless it was fun to do. I understand Ferber whistles at her typewriter. And there was that poor sucker Flaubert rolling around on his floor for three days looking for the right word.”
—Dorothy Parker (1893–1967)