The high risk, high reward Korpfjell prospect, close to the Russian border, lies in production license 859, which Statoil was awarded, along with partners ConocoPhillips, Chevron, Lundin and Petoro, in the 23rd licensing round before the summer.
According to Statoil's exploration director Tim Dodson, the company has identified a substantial prospect in this block at the far eastern corner of Norway's continental shelf.
