According to Upstream, the companies believe that they will find several giant oil reservoirs in the area.
Statoil’s head of exploration, Oerjan Birkeland, believe they will find five to six oil fields, each as large as the Norne Field.
The oil could be worth around NOK 700 billion, or the same as Norway’s present accumulated National Oil Fund.
The environmental organization WWF Norway is opposed to exploration in the Lofoten Basin, because these waters are the spawning grounds for the Arctic cod.
The authorities will decide whether to allow exploration in the region or not, before the end of the year.