Can Asian upstream players afford not to invest in US tight oil? Almost totally absent from the Permania that has dominated M&A markets over the last 12 months we believe this is about to change. With portfolios currently heavily weighted towards mature conventional assets across Asia Pacific most top Asian players are facing long term production declines. But given their relative financial strength investing in tight oil that offers large volumes and low breakevens appears to be a compelling solution. At the same time financially stretched Lower 48 operators with ambitious growth plans may welcome capital investments from partners that share a long term vision. We focus on the Permian basin as a case study identifying operators with near term negative cash flows and large undrilled well inventory. These represent viable opportunities for Asian (and other) investors in tight oil's hottest basin.