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)
“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)
“Friendship and money: oil and water.”
—Mario Puzo, U.S. author, screenwriter, and Francis Ford Coppola, U.S. director, screenwriter. Michael Corleone (Al Pacino)