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:
“Come see the north wind’s masonry.
Out of an unseen quarry evermore
Furnished with tile, the fierce artificer
Curves his white bastions with projected roof”
—Ralph Waldo Emerson (1803–1882)
“Our sympathies in Massachusetts are not confined to New England; though we may be estranged from the South, we sympathize with the West. There is the home of the younger sons, as among the Scandinavians they took to the sea for their inheritance.”
—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)