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:
“Biography is a very definite region bounded on the north by history, on the south by fiction, on the east by obituary, and on the west by tedium.”
—Philip Guedalla (1889–1944)
“Verily, a polluted stream is man. One must actually be a sea to take in a polluted stream without becoming impure. Behold, I teach you the superman: he is the this sea, in him can your great contempt go under.”
—Friedrich Nietzsche (1844–1900)
“Courage, determination, and hard work are all very nice, but not so nice as an oil well in the back yard.”
—Mason Cooley (b. 1927)