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:
“Civilization must be destroyed. The hairy saints
Of the North have earned this crumb by their complaints.”
—Wallace Stevens (1879–1955)
“For half a mile from the shore it was one mass of white breakers, which, with the wind, made such a din that we could hardly hear ourselves speak.... This was the stormiest sea that we witnessed,—more tumultuous, my companion affirmed, than the rapids of Niagara, and, of course, on a far greater scale. It was the ocean in a gale, a clear, cold day, with only one sail in sight, which labored much, as if it were anxiously seeking a harbor.... It was the roaring sea, thalassa exeessa.”
—Henry David Thoreau (1817–1862)
“Friendship and money: oil and water.”
—Mario Puzo, U.S. author, screenwriter, and Francis Ford Coppola, U.S. director, screenwriter. Michael Corleone (Al Pacino)