Abstract: The identification of hydrocarbons using seismic methods is critical in the prediction of shale oil reservoirs. However, delineating shales of high oil saturation is challenging owing to the similarity in the elastic properties of oil- and water-bearing shales. The complexity of the organic matter properties associated with kerogen and hydrocarbon further complicates the characterization of shale oil reservoirs using seismic methods. Nevertheless, the inelastic shale properties associated with oil saturation can enable the utilization of velocity dispersion for hydrocarbon identification in shales. In this study, a seismic inversion scheme based on the fluid dispersion attribute was proposed for the estimation of hydrocarbon enrichment. In the proposed approach, the conventional frequency-dependent inversion scheme was extended by incorporating the PP-wave reflection coefficient presented in terms of the effective fluid bulk modulus. A rock physics model for shale oil reservoirs was constructed to describe the relationship between hydrocarbon saturation and shale inelasticity. According to the modeling results, the hydrocarbon sensitivity of the frequency-dependent effective fluid bulk modulus is superior to the traditional compressional wave velocity dispersion of shales. Quantitative analysis of the inversion results based on synthetics also reveals that the proposed approach identifies the oil saturation and related hydrocarbon enrichment better than the above-mentioned conventional approach. Meanwhile, in real data applications, actual drilling results validate the superiority of the proposed fluid dispersion attribute as a useful hydrocarbon indicator in shale oil reservoirs.