Azerbaijan, Baku, June 6 / Trend, E. Ismayilov /
Foreign companies are showing interest in exploring shale oil in Azerbaijan, SOCAR's first vice-president Khoshbakht Yusifzade said during the Caspian Oil and Gas 2013 conference today.
He added that companies such as Exxon Mobil, Chevron, Total, Nobel Oil show interest in the country's shale oil.
He added that high oil prices, the rate of consumption growth and the concentration of large hydrocarbon reserves shale oil have led to increased interest in alternative sources of energy worldwide.
According to the scholars' estimation, shale oil reserves world wide are more than natural oil and gas resources by several times. There are about 50 places in close proximity to shale oil in Azerbaijan.
He added that there are areas with sand saturated with oil and bituminous rocks.
"I hope that modern technology can make the development of these Azerbaijani sources possible," he said.