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 North has no interest in the particular Negro, but talks of justice for the whole. The South has not interest, and pretends none, in the mass of Negroes but is very much concerned about the individual.”
—Zora Neale Hurston (1891–1960)
“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)
“Is a park any better than a coal mine? What’s a mountain got that a slag pile hasn’t? What would you rather have in your garden—an almond tree or an oil well?”
—Jean Giraudoux (1882–1944)