Solid asset base. Strong competitive position. Adequate and improving financial profile. 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 899 million barrels of oil equivalent (boe) and production of 154,000 boe per day indicate a long reserves life of 16 years. Its asset profile has improved, with reduced reliance on the mature Bongkot field, higher contributions from capacity expansion of the relatively newer fields in Thailand and Myanmar, and purchase of stakes in certain existing
