ConocoPhillips (NYSE:COP) announced it has signed a deal today with the Government of Bangladesh and Petrobangla, the Bangladeshi state oil company, to explore for oil in two deepwater blocks in the Bay of Bengal.Larry Archibald, senior vice-president, Exploration and Business Development said, "ConocoPhillips is pleased to become part of the Bangladesh oil and gas community. We fully expect that this contract signing will be the first step in a long and successful relationship between ConocoPhillips, Petrobangla and the Government of Bangladesh."Bangladesh’s deepwater area of the Bay of Bengal is virtually unexplored. The 2 blocks are located in an area with a depth of 3,300 to 5,000 feet of water, and are about 175 miles from the port city of Chittagong.ConocoPhillips has a potential upside of 20.6% based on a current price of $70.57 and an average consensus analyst price target of $85.13.