This paper aims to provide a guide to the management of Azerbaijan's expected natural-resource-generated windfall, based largely on the lessons that can be drawn from the experiences-mostly negative-of other countries. Chapter 2 discusses the economic theory of natural resource booms and briefly explains the standard Dutch disease phenomenon. Chapter 3 discusses common characteristics of policies leading to the mismanagement of natural resource wealth in natural-resource-abundant countries. Chapter 4 explains the institutional arrangements of oil revenue management in Azerbaijan and estimates oil and gas revenue prospects for the country. Chapter 5 outlines a medium- and long-term strategy for oil wealth management in Azerbaijan, building on the lessons in Chapter 3. Chapter 6 concludes.