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 UK "Atlantic Margin" (west of Shetland) that are not, strictly speaking, 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 oi...
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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 UK "Atlantic Margin" (west of Shetland) that are not, strictly speaking, 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.
Commercial extraction of oil on the shores of the North Sea dates back to 1851, when James Young retorted oil from torbanite (boghead coal, or oil shale) mined in the Midland Valley of Scotland. Across the sea in Germany, oil was found in the Wietze field near Hanover in 1859, leading to the discovery of 70 more fields, mostly in Lower Cretaceous and Jurassic reservoirs, producing a combined total of around 1340 m³ (8,400 barrels) per day.
Gas was found by chance in a water well near Hamburg in 1910,...
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