Energy experts have called for surveying new offshore areas first before launching a new bidding round for oil and gas explorations there.
They said the country would get data only after survey of the dispute-free offshore areas, on the basis of which the state-owned Petrobangla would be able to launch new bidding round confidently.
Petrobangla would have an edge before launching of new bidding round if it gets data first, said Bangladesh University of Engineering and Technology (BUET) Head of Petroleum and Mineral Resources Engineering department Professor M Tamim.
Besides, it would also be able sell data to be acquired following the seismic surveys, he added.
The Hague-based United Nations Permanent Court of Arbitration (PCA) in its verdict Monday upheld Bangladesh's claim of 200 nautical-mile exclusive economic zone and territorial rights in the Bay of Bengal.
The verdict of the tribunal gave the country a substantial share of the extended continental shelf beyond 200 nautical miles sustaining Bangladesh's claim for equitable solution.
The tribunal awarded Bangladesh 19,467 square kilometre area out of the disputed 25,602 sq km.
With the verdict, Bangladesh got all the 10 offshore oil and gas blocks, fully or partially that India had previously claimed.
Some of the bordering blocks like 5, 9, 14, 19 and 24 would, however, require to be relocated.
"There might be huge prospects in that part of the Bay of Bengal," Mr. Tamim, who was a Special Assistant to Chief Adviser of previous caretaker government looking after energy issues, said.
But the area remained untapped for long due to the dispute.
There are high potentials of getting hydrocarbon as both India and Myanmar discovered giant gas find in the Bay, he said.
A number of international companies would be interested in carrying out surveys in new offshore blocks once tender is floated, he said.
"When I looked into the energy issues as Special Assistant to the Chief Adviser, many international firms came and showed interest to carry out surveys," said the BUET professor.
If the selected firms are given a limited time to complete surveys, the potentials of the offshore areas could be unveiled soon, he added.
Petrobangla would then be able to fix rational terms for awarding new offshore blocks, he said.
Otherwise, it might lose significantly if blocks are awarded without surveys.
Dhaka University Geology Department Professor Badrul Imam also pleaded for surveying the offshore blocks to know the potentials.
It would be great if data is made available before launching of a new bidding round, he said. Mr Imam said there should not be any wastage of time in this regard.
The judgment has opened up a new opportunity for Bangladesh as it will now be able to attract international oil companies to explore shallow and deep sea for oil and gas, Petrobangla Chairman Hussain Monsur said.
He hoped to launch a bidding round soon on the basis of the judgment and the offshore areas Bangladesh got.
The country's last efforts during 2008 and 2012 did not get much response from oil companies due to Bangladesh's maritime disputes with Myanmar and India.
During the 2008 bidding for oil and gas exploration, India and Myanmar had formally protested the move saying some of the blocks were in their territories.
During the offshore bidding round in February 2008, Bangladesh had offered 28 offshore blocks -- 20 in deep water and eight in shallow waters.
Bangladesh could award only parts of two deepwater blocks -- DS-08-10 and DS-08-11 -- to ConocoPhillips of the US, and that too after a series of meetings three years after the launch of the bidding round on June 16, 2011.
ConocoPhillips signed a production-sharing contract with the Petrobangla to explore around 70 per cent of block DS-08-10 and 85 per cent of block DS-08-11.
Although Bangladesh had selected Tullow of the UK for shallow water block SS-08-05 during 2008 bidding, it could not ink a PSC for it because of the dispute with India.
Bangladesh got only one bid each for three deep water blocks DS-12, DS-16 and DS-21 from the joint venture of ConocoPhillips and Norway's Statoil during 2012 bidding.
The dispute also affected India's move for oil and gas exploration too.
India in 2007 had licensed a part of block SS-08-05 as block NEC-DWN-2004/2 to Australia's Santos, which overlapped Bangladeshi blocks SS-08-09 and SS-08-14, a company official said.
Another Santos-licensed block further south, NEC-DWN-2004/1, overlapped Bangladeshi blocks DS-08-14, DS-08-19 and DS-08-24, he added
Santos adopted 'forced majeure ' in these blocks as a consequence and finally made exit, he added.