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:
“If I could put my hand on the north star, would it be as beautiful? The sea is lovely, but when we bathe in it the beauty forsakes all the near water. For the imagination and senses cannot be gratified at the same time.”
—Ralph Waldo Emerson (1803–1882)
“People can no more be judged by their looks than the sea can be measured in bushels.”
—Chinese proverb.
“It is wise to apply the oil of refined politeness to the mechanism of friendship.”
—Colette [Sidonie Gabrielle Colette] (1873–1954)