India-Bangladesh relations crossed a significant milestone today when India's ONGC Videsh Ltd. bagged a contract for exploration and extraction of gas and oil in 2 shallow water blocks of Bangladesh. State-owned Petrobangla inked 2 Production Sharing Contracts (PSCs) with ONGC Videsh Ltd on Monday evening in the presence of Finance Minister A.M.A. Muhith and India's High Commissioner, Pankaj Saran, marking India-Bangladesh co-operation for energy security. Under the agreements ONGC has agreed to spend around 135 million dollar in both the blocks during the contract term of 8 years for exploration and drilling.