OMV (Norway) AS has received consent for drilling on its Wisting discovery in the Barents Sea, which could contain more than one billion barrels of oil equivalent.
Drilling is expected to last for 31 days, with the earliest start-up in mid-August.
The well will be drilled with the semi-submersible, mobile drilling unit Island Innovator.
The estimate for the Wisting discovery, if correct, could make it the largest find in the Norwegian Arctic so far.
OMV and its partners are continuing to explore the area and aim to decide on whether to develop the discovery in 2019 or 2020.
The company has so far estimated the recoverable resources of between 200million and 500million barrels of oil equivalents.
However, this is still a preliminary number.
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