Solid asset base. Good competitive position in Thailand's oil and gas industry. Moderate financial policy. Key public policy role and strategic importance to parent PTT and the Thai government. Heavy capital expenditure requirements and risks relating to an increasingly large presence overseas. Dependence on domestic gas sales and a single customer for the majority of earnings. The ratings on PTTEP reflect the following strengths: Solid asset base. PTTEP's proved reserves base of 768 million barrels of oil equivalent (boe) and production of 110,000 boe per day indicate a long reserves life of 19 years. Its asset profile has improved with reduced reliance on the mature Bongkot field and higher production contributions from relatively newer fields in Thailand and Myanmar. Near-to-medium-term
