| Summary/Abstract |
The Caspian Sea region is one of the oldest oil-producing areas in the world and is an increasingly important source of global energy production. The area has significant oil and natural gas reserves from both offshore deposits in the Caspian Sea itself and onshore fields in the Caspian basin. Traditionally an oil-producing area, the Caspian area's importance as a natural gas producer is growing quickly. Aside from Azerbaijan's oil production, the Caspian Sea largely was untapped until the collapse of the Soviet Union. With several newly independent countries gaining access to valuable hydrocarbon deposits, the different countries have taken diverging approaches to developing the energy resources of the area.
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