With oil prices at a 3-year high since the debacle of 2008, the industry is again manifesting what its best known for - historical cycles of boom and burst. No mean task for resource optimization and strategy. The Petroleum Industry Bill has been ten years in the pipeline, amidst great uncertainties until whenever passed into law. At the regional level, competition for global investment is getting more pronounced with the strings of exploration successes in Ghana, Angola and all along the West Coast. The dynamics is made more complex with the recent advances in shale gas development and an erupting Middle East.