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)
“As the shade went up
And the ambulance came crashing through the dust
Of the new day, the moon and the sun and the stars,
And the iceberg slowly sank
In the volcano and the sea ran far away
Yellow over the hot sand, green as the green trees.”
—John Ashbery (b. 1927)
“Friendship and money: oil and water.”
—Mario Puzo, U.S. author, screenwriter, and Francis Ford Coppola, U.S. director, screenwriter. Michael Corleone (Al Pacino)