History of the Oil Industry

Azerbaijan’s oil industry is one of the oldest in the world, with oil extraction dating back to ancient times. In 1846, the first modern oil well was drilled in Baku, marking the start of large-scale production. By the late 19th century, Baku became a global oil hub, attracting major investments from the Nobel brothers and others. During the Soviet era, Azerbaijan’s oil was crucial, especially in World War II. After independence in 1991, the country opened its oil sector to international companies, cementing its role as a key oil producer in the Caspian region.