While new fscal terms may boost the appeal of upstream invest- ment in Pakistan, a burdensome regulatory process will remain a downside risk to the commercialisation of new projects. Masood Siddiqui, chairman of Pakistan's national oil and gas company OG- DCL, explained declining investment in E&P efforts since 2006 as the consequence of equipment shortages and a shortfall in skilled labour, as well as insuffcient commitment from the government to open new acreage up for development.
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