In the aftermath of the breakup of the Soviet Union and the birth of new sovereign nations bordering the Caspian Sea, the legal status of the sea has emerged as one of the most contentious international problems facing the region. The discovery of large offshore oil and gas deposits in the area has added urgency to the need to resolve the twin issues of the legal status of the sea and the corresponding mining rights.
The Caspian, the largest inland body of water in the world, is approximately the size of Japan. The south Caspian is the deepest part and contains the most productive oil and gas fields. The oil-producing area of the south Caspian that holds the most promise extends along a narrow structural zone across the sea from the Apsheron Peninsula in Azerbaijan to the Peri-Balkhan region of western Turkmenistan.