Caspian region’s hydrocarbon potential as a challenge for the energy security policy of the European Union

Abstract

Caspian region contains some of the largest undeveloped oil and gas reserves in the world. The energy field is vital to economic development and to the future geopolitical order of the region. The rivalry between different pipeline options will probably determine not only the pattern of foreign policy orientation and cooperation in the region but also the influence and position of regional and external players. The exploitation of energy resources and the future routes of pipelines from the oil and gas fields in the Caspian basin will also determine the role of the Caspian region in the contemporary international relations. Newly independent states in Central Asia and the Caucasus hoped their oil and gas resources would help them secure economic growth and political independence. The most important element of the European energy strategy is the need of diversification of the energy sources. The growing energy needs have given the European Union a strong interest in developing ties with energy-‑producing states in the Caspian region to build necessary pipeline infrastructure.