The new license, the Aru Trough I, covers an area of about 8,300km² and is located near the company’s existing exploration acreage in the Aru and West Papua IV licenses.
Statoil senior vice-president for exploration in Eastern hemisphere Erling Vågnes said: "This is a low-cost access into a frontier area with considerable potential where Statoil is already present.
"This position strengthens the optionality in Statoil’s long-term portfolio and secures potential upsides from our existing exploration acreage."
The company will collect seismic data during the first three years of the exploration period. A decision on the next steps in the license will depend on the data collected.
Separately, Statoil has discovered more gas near the Aasta Hansteen field in the northern part of the Norwegian Sea.
The exploration well 6706/12-2 in the Snefrid Nord prospect was drilled by the Transocean Spitsbergen rig, proving a 105m gas column in the Nise Formation.
According to the company, Snefrid Nord volumes are estimated to be in the range of 31 to 57 million barrels of recoverable oil equivalent.
Statoil vice-president for Aasta Hansteen project Torolf Christensen said: "The Snefrid Nord discovery makes the Aasta Hansteen development project more robust and prolongs the Aasta Hansteen production plateau.
"It will utilise both the Aasta Hansteen and the Polarled gas pipeline capacity.
"The discovery will now be further evaluated for future tie-in to the Aasta Hansteen infrastructure."
The well is located in PL218 in the Norwegian Sea in which Statoil operates with a 51% interest.
Wintershall Norge and OMV (Norge) own 24% and 15% stakes respectively, while ConocoPhillips Skandinavia owns 10% interest.
The company is drilling two exploration wells in the vicinity of Aasta Hansteen in 2015, with the goal of proving upside potential in the area.
Following completion of Snefrid Nord operations, the Transocean Spitsbergen rig will be moved to the neighbouring licence PL602 and will drill an exploration well in the Roald Rygg prospect.
