[2] Due to the presence of numerous oil fields on the seabed of the Caspian Sea the question of legal status was very important; some countries even tried to develop fields in disputed regions, almost causing military incidents.

Negotiation of the document lasted more than 20 years before its signing on 12 August 2018 by the heads of five Caspian states at the summit in Kazakhstan.

During the years of approval of the convention (1996–2018) between the parties were held 51 meetings of the special working groups, more than ten meetings of foreign ministers and four presidential summits in 2002 in Ashgabat, in 2007 in Tehran, in 2010 in Baku and in 2014 in Astrakhan.

The convention grants jurisdiction over 28 km (15 nmi) of territorial waters to each neighboring country, plus an additional 19 km (10 nmi) of exclusive fishing rights on the surface, the body of water is divided between the parties and each section belongs to the sovereignty of the respected party.

[4] “The sovereignty of each Party shall extend beyond its land territory and internal waters to the adjacent sea belt called territorial waters, as well as to the seabed and subsoil thereof, and the airspace over it.”