According to The Wall Street Journal, Imperial’s plan has raised concerns with some environmentalists.
The company proposed the project to Canadian regulators late last year.
Environmental watchdog Pew Charitable Trusts said the well could extend 31,600 feet below the floor of the Beaufort Sea.
An Imperial Oil spokesman said that drilling depths would vary, and no specifications would be given until a formal application was made.
The leases where at the proposed drill site in the Canadian Arctic are jointly owned by ExxonMobil and BP.
Exxon said it hopes to drill an exploratory well by 2020.
It would be the first offshore well in Canada’s Arctic since 2005.