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Managing Oil Wealth: The Case of Azerbaijan

by John Wakeman-Linn Chonira Aturupane Stephan Danninger Koba Gvenetadze Niko Hobdari Eric Le Borgne

Oil and gas production in Azerbaijan are projected to increase sharply in 2005 and 2006, respectively, reaching peaks of 1. 3 million barrels per day in 2009 and 20 billion cubic meters per year in 2010. Although expected revenues over the next 20 years will be substantial, they are projected to return to 2004 levels by 2024. Managing this temporary windfall in a way that allows for economic diversification and increased living standards is the subject of this book, which provides extensive guidance based largely on lessons drawn from the experiences-mostly negative-of other countries.

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