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For sustainable energy security, Bangladesh cannot afford going exclusive to imported fuel leaving its vast offshore prospect of petroleum untapped. In foreseeable future, BAPEX cannot acquire capacity for exploring on stand-alone basis in offshore and even in difficult structures in onshore. We desperately need IOC investment in exploration. To facilitate that we have no option but creating appropriate contracts under PSC carefully balancing risks and rewards. No question of gas export would arise till domestic demand is fully met. Gas price must be comparable to regional and international gas price. But for negotiating and concluding win–win PSC and overviewing and managing professionally, we need smarter and more efficient Petrobangla equipped with qualified trained professionals. Exploration, development and operation costs management of IOCs are the essence of deriving expected benefits from PSC operation. Petrobangla must develop capacity for monitoring and overviewing all activities of IOCs at all stages without actually causing impediments. Decisions at every stage need to be transparent and quicker. If a fresh PSC round can be invited by early 2020, some good news from the Bay of Bengal can be coming by 2026.

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