Greenland Energy (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 announcement comes amid significant challenges. The basin has never produced a commercial discovery despite decades of study, and a 2008 USGS report stated less than a 10% chance of containing a technically recoverable hydrocarbon accumulation. Estimated well costs are $40 million for the first well and $20 million for subsequent wells. Operating in a remote Arctic location involves extreme climate, harsh weather, limited daylight, no existing infrastructure, and seasonal access windows. Greenland imposed a drilling moratorium in 2021, though existing licenses are grandfathered; however, future regulatory changes could jeopardize operations. The company also faces climate change scrutiny, as Arctic drilling draws opposition from environmental groups and institutional investors.
Greenland Energy 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’s forward-looking statements highlight risks including exploration and geological risks, operational and environmental risks, regulatory and political risks, and financial and capital risks. As with any frontier exploration project, there is no certainty of discovery or commercial viability. Nonetheless, the company’s preparations underscore a significant step toward testing the basin’s potential.
