Aberdeen-headquartered Faroe Petroleum has been granted permission to drill an exploration well at the Rungne prospect.
The Norwegian Petroleum Directorate has allowed the use of the Transocean Arctic to drill the well in the Norwegian sector of the North Sea, around four miles north of the Oseberg field.
Faroe announced plans to drill at the Rungne prospect earlier this year, which has an estimated 70million barrels of oil equivalent.
The company holds a 40% stake in the license, with the remainder being held by Lundin Norway and Spirit Energy.
Faroe last month spudded the Agar Plantain exploration well in the North Sea using the Transocean Leader rig.
Agar Plantain is estimated to have as much as 90million barrels of oil and Faroe farmed-into the well with a 25% stake in July.
The remaining interest is held by Cairn Energy and Azinor Catalyst.
Faroe is due to report its half-year results for 2018 next week.