In May 2017 China unveiled its long awaited oil and gas sector reform plan summary which aims to push market oriented reform across the entire value chain. The full document has yet to be released but has been approved by the Central Committee of the Communist Party of China and the State Council. The upstream sector reform focuses on opening up more acreage to non NOC players to diversify and incentivise new sources of upstream investment. What are the key points laid out by the reform plan summary? How would the reform impact China's upstream sector?