Development trends in the Azerbaijan oil and gas sector: Achievements and challenges

This article is study of Azerbaijan oil and gas industry. It illustrates the business climate, the impact of this sector on Azerbaijanʹs economy including role of SOFAZ and highlights recent developments in the energy production and the main concepts of Azeri PSAs (2009). Meanwhile, the article establishes the government policy by indentifying several factors that influenced to attract foreign investment to oil and gas sector and examines significant challenges that still remain for further development of the countryʹs oil industry.