Asia has played a fundamental role in the growth of the Majors for over 100 years, but could this finally be coming to an end? Ambitious divestment targets are at the heart of most of the Majors' business plans for the next 12-18 month. With nearly US$40 billion of commercial value tied-up in mature and mid-life assets across Asia, we believe big moves are on the table. Against a backdrop of increasingly assertive NOCs, bureaucratic challenges and license expiries, now seems a logical time to slim down the portfolio. But who will buy these assets? And what will be the consequences for host governments if the Majors do sell?