Greenland Energy Company (NASDAQ: GLND) is advancing development of the Jameson Land Basin in East Greenland, an onshore petroleum basin that CEO Robert Price described as one of the world's last largely undrilled frontier oil regions. In an interview with Energy, Oil & Gas Magazine, Price said 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 the historical data has helped refine potential drilling targets within a geological system the company believes shares characteristics with the North Sea.
Price said 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. He added that project preparations are underway, including refurbishment and transport of a drilling rig, road construction and logistics planning led by Halliburton, with initial drilling targeted for October 2026.
According to Price, 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 represents a significant opportunity for Greenland, which has been seeking to diversify its economy beyond fishing and tourism. Successful exploration could position Greenland as a new player in the global energy market, potentially attracting further investment and creating jobs. However, the project also faces challenges, including harsh Arctic conditions, environmental concerns, and the global shift toward renewable energy.
Greenland Energy Company is an energy exploration company focused on responsibly developing Greenland's hydrocarbon resources, with an emphasis on the Jameson Land Basin. It aims to advance oil and gas exploration and create a publicly traded platform for Arctic energy development. The company is listed on the Nasdaq under the ticker symbol GLND, and more information is available in its newsroom at https://ibn.fm/GLND.
