On July 7, 2004, Standard&Poor's Ratings Services affirmed its 'BBB' foreign currency and 'BBB+' local currency ratings on Thai upstream company, PTT Exploration&Production Public Co. Ltd. (PTTEP). The outlook on its local currency rating was revised to positive from stable. The outlook on its foreign currency rating remains positive. The ratings on 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
