Can the Caspian Sea Survive its Own Oil? Environmental Regulation of the Offshore Oil and Gas Industry in the Caspian Sea
This article critically examines the shortcomings of the offshore industry regulation in the Caspian Sea and proposes a framework to strengthen it. It considers the hydrocarbon industry and resources of the Caspian Sea region and analyses the extent and impacts of Caspian offshore oil and gas activities on its environment, reviews selected regional and global regulatory frameworks for the offshore oil and gas industry and their effectiveness, discusses existing shortcomings of the national and regional regulation of the Caspian offshore oil and gas industry, and provides suggestions on how it could be improved, drawing on the experience and regulatory formulations from other regions of the world.