Oil and gas resources in the area could equal 170 Johan Sverdrups, according to a US Geological Survey study.
The well Statoil want to drill is located 300km (about 187mi) north of Knivskjelodden in Nordkapp municipality, and 187km (roughly 117mi) south-east of Bear Island.
The water depth is 446m (some 1,463ft).
Semi-submersible rig the Transocean Spitsbergen will drill the well.
Planned start is mid-June 2014 earliest.
The duration of the operation is estimated at 44 days including permanent plugging, according to the Norwegian Environment Agency.
Statoil has concrete plans to drill two exploration wells in the Atlantis and Apollo prospects in PL615 — known as the Hoop area.
This area is located about 50km (approximately 31mi) north of PL537. The application the Environment Agency has received regards exploration well 7325/1-1 Atlantis in PL615. The consultation phase's deadline for comments on the application is 03rd April.
An environmental risk and EPA analysis has been carried out for the exploration drilling.