On Aug. 7, 2003, ratings on Thailand's PTT Exploration and Production Public Co. Ltd. (PTTEP; local currency BBB+/Stable/--, foreign currency BBB-/Positive/--) were affirmed. 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 expectations for increasing booked reserves are strong, supported by future gas demand growth and favorable prospects at the Arthit field, where PTTEP has a significant 80% stake. Good competitive position in Thailand's oil
