The six-nation Caspian Sea region harbours vast natural gas reserves and at least 100 billion barrels of oil, 10 times that of Alaska and second in supply only to the Middle East.
2. Overall, the discovery of oil rarely means immediate or long-term prosperity for the people who live in an oil-producing country. Despite billions in profits from Nigerian oil, the majority of Nigerians remain desperately poor. Iran has had a similar experience.