Solid asset base with a healthy reserve life. Good cost position and operating track record. Key public policy role as one of Thailand's main providers of oil and gas to the power generation industry. Reliance on domestic gas sales and a single customer for the majority of earnings. Large capital expenditure requirements to develop proved reserves. Moderately aggressive financial policy. The ratings on Thailand's PTT Exploration and Production Public Co. Ltd. (PTTEP) reflect the following strengths: Its solid asset base. PTTEP's proved reserve base of 768 million barrels of oil equivalent (boe) and production of 99,000 boe per day indicate a long reserve life of 21 years, compared with the global average of about 12 years. Its asset profile has
