Abstract: Due to the complex social situations and geopolitics in the area of Trancaucasia, the oil and gas exportation pipeline in the area of Caspian Sea, Azerbaijan is taken as the game focus by multiple rivals. And consequently, a number of pipeline projects are slowed down, suspended and even terminated, including Southern Natural Gas Corridor, Nabucco Pipeline, South Stream Pipeline, Turkish Stream Gas Pipeline and Caspian Sea Crossing Pipeline, and Azerbaijan energy strategy becomes more uncertain in terms of investment subject and fund source. With the development of oil & gas development and pipeline transportation, Azerbaijan begins to construct national largest oil and gas processing and refining factory (OGPC) and attracts hundreds of worldwide famous international companies to take part in. However, its contract on oil and gas resources is extremely harsh, so the implementation of oil and gas cooperation projects is, in a way, restricted. In the new situation of low oil price, China shall fully exert the initiative of the Belt and Road in the area of Caspian Sea, and search for oil and gas project cooperation in Azerbaijan.