Foreign companies, including ExxonMobil and Total, are interested in development of shale oil fields in Azerbaijan, said Khoshbakht Yusifzada, SOCAR Senior Vice President for Geology, Geophysics and Fields Development.
“High oil prices provoked interest in development of alternatives hydrocarbon resources, including natural bitumen and shale oil. Azerbaijan has almost 50 shale oil fields in Gobustan district, near Kura river and other regions of the country. ExxonMobil and Total companies are interested in their development,” he said.
Yusifzada expressed hope that application of modern technologies will make development of such fields more efficient.
In July 2011 SOCAR signed the agreement on exploration of the ground territory of Azerbaijan with ConocoPhillips Exploration Azerbaijan Ltd.
The first shale oil fields were discovered in Azerbaijan in the mid-1950s.—0—
Economics
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