Ch. 1. Introduction. Azerbaijan: Location, Importance, and Potential. Investment Risks in Azerbaijan: A Theoretical Framework -- Ch. 2. Overview of the Geography, History and Oil Resources of Azerbaijan. Geographic Overview. Effects of Geography on History and Ethnicity. Oil History. Current Developments in Azerbaijani Oil Use. Oil Contracts. AIOC-Chirag, Azeri, and Deepwater Guneshli. Karabakh. Shah-Deniz. Ashrafi and Dan Uluzu. Lenkoran Deniz and Talish Deniz. More Recent Contracts. Fields Under Preliminary Agreement. Conclusion -- Ch. 3. Sources of Political Risk for Azerbaijani Oil Resource Development. Internal Sources of Risk. Coups and Assassinations. External or Geopolitical Sources of Risk. Control of Caspian Oil. Importance of the Caspian Sea. Physical Geography and Oil Reserves. The Arguments. International Treaty Law. Joint Sovereignty. Sectoral Division. An Example of Caspian Ownership Instability. Response to Western Investment in Azerbaijan. Russia. Iran. United States. Japan. Is There an End in Site? Geopolitics of Caspian Ownership. Oil Export Routes. The Northern Route. The Western Route. The Southern Route -- Ch. 4. The Impact of Political Risk on Economic Growth in Azerbaijan. Independence. Conclusions on Geopolitics, Oil, and Azerbaijan