Greenland Energy Company (NASDAQ: GLND) is moving forward with exploration plans in the Jameson Land Basin of East Greenland, an onshore petroleum basin that CEO Robert Price describes as one of the world's last largely undrilled frontier oil regions. In an interview with Energy, Oil & Gas Magazine, Price outlined the company's preparations for an initial drilling campaign targeted for October 2026.
The company holds rights to up to a 70% interest in the basin and is leveraging extensive seismic data originally collected by Atlantic Richfield Company (ARCO) during the 1970s and 1980s. Modern reprocessing of this historical data has helped refine potential drilling targets within a geological system that the company believes shares characteristics with the North Sea. Independent evaluations have suggested upside potential of up to 13 billion barrels across the basin, with the first drill location estimated to contain approximately 2.9 billion barrels.
Project preparations are underway, including refurbishment and transport of a drilling rig, road construction, and logistics planning led by Halliburton. Price noted that the project could play an important role in future energy security while also contributing to Greenland's long-term economic development. Drawing comparisons to the impact of resource development in Norway and Denmark, he said stakeholders increasingly view the basin's potential hydrocarbon resources as a possible catalyst for infrastructure investment, public revenue generation, and broader economic growth.
The Jameson Land Basin has been studied since the 1970s but has never produced a commercial discovery. A 2008 USGS report stated a less than 10% chance of containing a technically recoverable hydrocarbon accumulation. The company acknowledges significant risks, including the challenges of operating in a remote Arctic location with extreme climate, harsh weather, limited daylight, no existing infrastructure, and seasonal access windows. Estimated well costs are $40 million for the first well and $20 million for subsequent wells.
The exploration campaign also faces regulatory and political uncertainties. A 2021 Greenland drilling moratorium exists, though licenses are grandfathered; however, future regulatory changes could jeopardize operations. Additionally, geopolitical tensions, including U.S. interest in acquiring Greenland and Greenland's internal independence movements, could affect operations. The company must obtain Environmental Impact Assessment approval and Field Activities Application approval from Greenlandic authorities before drilling.
Despite these challenges, Price remains optimistic. The company believes the basin's potential hydrocarbon resources could mirror the transformative economic impact seen in other Arctic regions. Greenland Energy is positioning itself as a publicly traded platform for Arctic energy development, aiming to responsibly develop Greenland's hydrocarbon resources. The full interview and additional details are available in Energy, Oil & Gas Magazine. For more information about the company, visit Greenland Energy Company's website.
