The issue is devoted to the historical study of oil industry development in Azerbaijan. The main stages of development of oil and gas production in Absheron were considered, and the international contribution of industrialists and engineers, including Azerbaijani and Ukrainian, was also considered. Particularly, the authors analyze a great donation in oil deposits’ development made by the industrialists and engineers from different countries and of different nationalities, among them mining engineer Mykola Voskoboinikov; Azerbaijan industrialists: A. Mamedov, H. Tagiyev, M. Nagiev, M. Muchtarov, S. Asadulaev; Russian industrialists: V. Kokorev, P. Gubonin, K. Zubalov and Nobel’s brothers, Rothschild’s family, Rylsky’s family, Vishau family; Armenian’s financiers and industrialists: O. Mantashev, M. Aramiants, S. Lianosian (Lianozov); Ukrainian mining engineers: Konon Lysenko, Oleksiy Doroshenko, Semen Kvitka. The powerful oil industry was highlighted to appear in Baku’s oil district at the end of the 19th century and occupied the second place after the USA in oil output and oil processing as well as in the innovation technical development and oil extraction technology enhancement. Owing to the capitals’ diversification and involvement of foreign professionals, scientists and entrepreneurs from different countries, the gas and other oil products demands were secured not only within the Russian Empire, Azerbaijan and neighboring countries, but also came into the world trade markets. The role of a unique pipeline “Baku - Batum” for its time was highlighted in the success. The main burden of titanic and abundant work of the most powerful oil industry establishment was entirely on Azerbaijan nation that had eternal traditions of oil extraction, processing and usage. Nowadays, they have successfully continued the started traditions under the realities of the 21st century.