Japanese firm Inpex has agreed to buy a 40% stake in a licence in the Barents Sea from Bayerngas.
Inpex said it was entering its first ever project in Norwegian waters through the acquisition.
Inpex said its Norwegian division − Inpex Norge, established in 2014 − would manage the company’s interest in the licence.
Production licence 767 covers an area about 120 kilometres off the coast of Norway.
It is operated by Swedish firm Lundin Petroleum, which has a 60% stake.
Inpex is involved in 70 projects across more than 20 countries, including the Ichthys LNG project off Australia.