The global upstream industry is in survival mode, with most companies announcing sweeping cost cuts across their businesses. But there are exceptions, with a number of Asian NOCs emphasizing that they are looking to maintain existing capital budgets for domestic investment. This is understandable as host governments look to use all levers to shore up their economies. But what about overseas M&A? Having been notably cautious through the last oil price downturn, Asian NOCs now have an outstanding opportunity to make decisive moves to ensure post-crisis growth.