Portfolio restructuring remains a strategic priority for many of the big IOCs. Under shareholder scrutiny and nervous about oil prices, value over volume is the mantra. The group will remain net sellers in 2014. This should keep the asset market well stocked. Our Deal Pipeline currently contains 270 potential transactions worth a combined US$310 billion. Good news for buyers: the NOCs and SWFs – alongside other, niche players – will continue to underpin the market.