Bangkok--17 Mar--PTTEP
PTT Exploration and Production Public Company Limited or PTTEP received a credit ratings upgrade to AAA from TRIS Rating Co., Ltd. This is the highest rating attained by any company in Thailand.
PTTEP’s company rating and the rating of its debentures were increased to AAA from AA+ from TRIS Rating Co., Ltd. The upgrade reflects the strengthened financial position of the company. The rating also takes into account the company’s ability to finance growth without weakening it financial strengths.
PTTEP has plans to expand investments overseas to increase the company’s oil reserves, needed towards supplying the long-term energy demands of Thailand. To this end, PTTEP is interested in investing in the Middle East, Africa and the countries of the CIS (Commonwealth of Independent States) specifically Oman, Bahrain, Algeria, Libya, Egypt, Sudan and Kazakhstan. In addition to this PTTEP is also fast tracking the development of exploration and production projects both in and outside Thailand, in particular Oman44, Arthit, MTJDA (Malaysia-Thailand Joint Development Area Project), and Projects in Vietnam and Myanmar, leveraging its expertise and breakthrough technology to help supply the continually growing energy needs of Thailand.
Presently PTTEP has invested in 31 exploration and production projects in 9 countries covering, Thailand, Malaysia, Myanmar, Vietnam, Indonesia, Cambodia, Oman, Iran and Algeria. As of December 31, 2005 PTTEP had proved oil reserves of 950 million barrels of oil equivalent (MMBOE). Daily production volumes were 184,000 barrels of oil equivalent per day (BOED) whilst having lower than industry average lifting costs.
Apart from the AAA rating received from TRIS, PTTEP has also received an A2 rating from Moody’s Investor Service, BBB+ from Standard and Poor’s (S&P) and an A- from Japan Credit Rating (JCR)
For more information, please contact Sidhichai Jayant/ Tongchit Pongorapin/ Jakra Srinaganand
External Relations Department Tel. +66 (02) 537 4592, +66 (02) 537 4587, +66 (02) 537 4583