Substantial international experience has accumulated on how to manage the risks and realise the opportunities of 'upstream' oil, gas, and minerals development during 'boom' periods. Five emerging principles for policy formulation are discussed in this briefing paper: 1. Upgrading the Regulatory Framework; 2. Sequencing Your Economic Policy; 3. Customising Your Revenue Management Strategies; 4. Strengthening Transparency, Accountability and Democratic Governance; and 5. Re-aligning Aid.