Lundin said it started drilling the well, designated PL265, in the northern part of the Johan Sverdrup oil field.
"The planned total depth is approximately 6,528 feet below mean sea level and the well will be drilled by the semi-submersible drilling rig Ocean Vanguard," the company, which has headquarters in Stockholm, said in a statement. "The drilling operation is expected to take approximately 45 days."
Johan Sverdrup should be able to produce for the next 50 years. Peak production is expected to be as high as 650,000 barrels of oil equivalent per day.
Last month, Norwegian energy company Statoil and its partners at Johan Sverdrup, Maersk Oil and Lundin Petroleum, outlined a development plan for the field based on multiple phases.
Full development plans for Phase 1 should be submitted to the Norwegian government for its approval in early 2015.
Lundin in December said a production target of 2019 is a year later than originally planned, though the company's president, Ashley Heppenstall, said it will be worth the wait.