North Sea oil

North Sea oil is petroleum extracted from offshore fields beneath the North Sea, chiefly by the United Kingdom and Norway. Its development transformed both countries’ energy industries and public finances.

Offshore drilling: The drilling of wells from platforms or vessels in bodies of water. North Sea fields are reached by drilling through deep water and seabed rock.
Continental shelf: The submerged margin of a continent, extending from the coast toward deeper ocean basin. The North Sea’s shelf geology made offshore exploration and development feasible.
Norwegian petroleum tax system: Norway’s tax and state-participation framework for petroleum extraction. It channels a large share of North Sea petroleum rents to the Norwegian state.
Norwegian Continental Shelf: Norway’s offshore petroleum region, including the Norwegian sectors of the North Sea and adjacent seas. It is the Norwegian jurisdictional region most closely associated with North Sea oil.
Oil platform: A fixed or floating offshore structure supporting drilling, production, or other operations. Platforms host many North Sea wells and processing facilities.
North Sea: A marginal sea of the Atlantic Ocean bordered by northwestern Europe and Great Britain. Its seabed contains the petroleum provinces developed by Britain and Norway.
Government Pension Fund Global: Norway’s sovereign wealth fund, which invests state petroleum revenues abroad. The fund preserves part of the country’s oil wealth for future generations.
UK Continental Shelf: The United Kingdom’s offshore area containing petroleum fields in the North Sea and other waters. It defines the British offshore petroleum sector behind much North Sea production.
Subsea production system: Equipment placed on the seabed to control and process production from offshore wells. Subsea systems connect remote North Sea wells to platforms or shore.
Ekofisk oil field: A large Norwegian offshore oil field discovered in 1969 in the southern North Sea. Ekofisk’s discovery established Norway as a major North Sea oil producer.

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