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Image courtesy of Harald Pettersen/Statoil .

Norway’s Statoil won the go ahead from regulators Monday to start exploration activities at two offshore North Sea licenses.

The company can begin exploration activities at its operated 272 and 035 licences at block 30/11 in the northern part of the North Sea.

The area is about 15 miles southwest of Oseberg Sør and 80 miles from the coast of Øygarden.

The first well, exploration well 30/11-11, will be drilled in the Krafla prospect.

Reserves at Krafla are estimated to be between 12.5 and 56.5 million barrels of recoverable oil equivalent.

Statoil did not disclose when drilling will start but said work on the well is expected to last for 67 days.

Water depth at the site is about 347 feet.

The well will be drilled by Transocean Leader, a harsh environment mobile drilling facility of the Aker H-4 type.

Statoil holds a 50 percent operating stake in production licenses 272 and 035.

Norway’s Det norske and Sweden-based Svenska Petroleum hold 25 percent stakes in the licenses.