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.