THE China National Offshore Oil Corporation (CNOOC) is planning to drill exploration wells at its M-10 block in the Gulf of Mottama, the state-run Mirror newspaper reported on February 17.

It said CNOOC will drill three exploration wells at the block, with the program starting on February 26 and finishing on May 18.

The M-10 block borders the M-9 block run by Thailand’s PTTEP, which has huge natural gas reserves that the company has said it will begin exploiting in 2011 or 2012.

The Energy Current wrote on February 12 that PTTEP is planning to invest about US$225 million, or 9 percent, of the company’s $2.5-billion Myanmar budget for new development in 2008.

In other developments, the Minister of Energy met with Russia’s ambassador and the president of Nobel Oil Company to discuss future energy cooperation in the country.

An energy expert close to the ministry said on February 11 that Russian oil companies are interested in investing in Myanmar onshore oil blocks in the northern part of the country.