Solid asset base. Strong competitive position. Moderate financial policy. Key public policy role and strategic importance to PTT Public Co. Ltd. and the government. Heavy capital requirements and risks relating to an increasing presence overseas. Dependence on a single customer. The ratings on PTT Exploration&Production Public Co. Ltd. (PTTEP) reflect the following strengths: Solid asset base. PTTEP's proved reserves of 964 million barrels of oil equivalent (boe) and production of 120,000 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 contributions from relatively newer fields in Thailand and Myanmar. Natural gas sales volumes should increase moderately over the medium term, supported
