Norway’s northernmost oil well (7435/12-1) has received its drilling permit from the The Norwegian Petroleum Directorate. With a game-changing potential of 3-6 bbo the well is dubbed the most exciting exploration well in decades. It is targeting Statoil’s Korpfjell prospect that is to believed have a structural closure three or four times those found at John Sverdrup. Located 415km off the coast and only 37km from the Russian boundary, the licence was the most sought-after acreage in Norway’s 23rd licensing round. The well is part of Statoil’s 5 well drilling programme in the Barents Sea and is set to be drilled by the Songa Enabler drilling rig in a water depth of 253m following the completion of wildcat well 7325/4-1, targeting Statoil’s Gemini Nord prospect. Statoil AS is the operator of the licence (30%) with partners Chevron Norge AS (20%), Petro AS (20%), ConocoPhillips Scandinavia (15%) and Lundin Norway AS (15%).