In the recent years Caspian Basin and Central Asia have emerged as very lucrative regions for the West to meet their energy needs. Despite the region offering very interesting geopolitics and different perspectives on energy security, there is very limited research available on it. This dissertation discusses the importance of the Caspian Basin and how it has emerged as a latest allure to many countries. It explores the various dimensions of energy security and highlights that the concept of energy security has evolved and is not restricted to simply the security of supplies. This paper discusses the role of government in the region and policy areas that need to be worked on.