Pipeline worries, political risk, and the Great Game in the Caspian Sea

The Caspian Sea appeared lately as one of the best investment place for oil. This interior sea is the centre of a big international competition for the development of offshore resources and control of way for new resources.
Indeed, this sea has oil resources equal to North Sea resources and gas resources roughly equal to 10% of the global gas resources! Until 1991, USSR and Iran owned the main part of these resources. Since the Soviet Union disappeared, Azerbaijan, Kazakhstan and Turkmenistan want a part of the cake but the exploitation of the energy resources has a double issue: the sharing between countries which implicate a new state of the Caspian Sea and the transport of oil from a very enclosed area which cost a lot of money. Although these oil resources are not the biggest they could be an answer to the growth of global needs in energy for the next decade. I. Sea or lake? a juridical issue
The position evolution of neighboring countries about Caspian Sea sharing during the last decade show the relative importance of it states. Although, till now, no agreements have been done between the five countries –Russia, Iran, Azerbaijan, Kazakhstan and Turkmenistan-, its exploitation is already quite advanced. However, oil companies must give a state to the sea. The definition of a clear juridical state of the Caspian is better for developing offshore resources and for deciding of the route of oil and gas: boat or pipeline. Moreover some deposits of oil are situated on contested area like Alov demanded by Azerbaijan, Iran and Turkmenistan or Chirag and Kiapaz, demanded by Azerbaijan and Turkmenistan. Until 1991 the juridical basis was the 1921 treaty which divided equally the Caspian Sea between Iran and USSR. When the USSR blew up and three new countries appeared everything had to be done again. Is the Caspian Sea a lake or a sea?
The juridical state of the Caspian Sea is a big issue.