Production, Revenues and Transparency

Abstract

Caspian Sea oil and gas exploitation has made (and will in future make) a significant impact on the Caspian economies. The crucial question in this respect will be the maximization of the potential national benefits. Governmental policy will be of paramount importance. In many ways, the development of Caspian oil and gas production is a remarkable story of the transition era. Since the collapse of the Soviet Union the newly independent countries of the Caspian Sea region found their own place in the international energy arena and have developed their national energy strategies.