For more than a century the backbone of the Azerbaijani economy has been petroleum, which represented 50 percent of Azerbaijan's GDP in 2005, and is projected to double to almost 125 percent of GDP in 2007.Azerbaijan: Energy profile (Enerpub, 13 December 2007) Now that Western oil companies are able to tap deep-water oilfields untouched by the Soviets because of poor technology, Azerbaijan is considered one of the most important areas in the world for oil exploration and development. Proven oil reserves in the Caspian Basin, which Azerbaijan shares with Russia, Kazakhstan, Iran, and Turkmenistan, are comparable in size to the North Sea, although exploration is still in the early stages.
for more than a century the backbone of the azerbaijani economy has been petroleum which represented 50 percent of azerbaijan's gdp in 2005 and is projected to double to almost 125 percent of gdp in 2007azerbaijan energy profile (enerpub 13 december 2007) now that western oil companies are able to tap deep-water oilfields untouched by the soviets because of poor technology azerbaijan is considered one of the most important areas in the world for oil exploration and development proven oil reserves in the caspian basin which azerbaijan shares with russia kazakhstan iran and turkmenistan are comparable in size to the north sea although exploration is still in the early stages