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 Jameson Land Basin has been studied for decades, with the U.S. Geological Survey in 2008 estimating a less than 10% chance of containing a technically recoverable hydrocarbon accumulation. Despite this, Greenland Energy is pressing forward, relying on reprocessed seismic data and partnerships to de-risk the project. The company faces significant challenges, including operating in a remote Arctic location with extreme climate, limited daylight, and no existing infrastructure. Drilling is expected to cost approximately $40 million for the first well and $20 million for subsequent wells, according to the company’s disclosures.
The announcement comes amid heightened geopolitical interest in Greenland, including U.S. interest in acquiring the territory and Greenland’s internal independence movements. Greenland imposed a drilling moratorium in 2021, but existing licenses were grandfathered, allowing Greenland Energy to proceed. However, future regulatory changes could jeopardize operations, and the company must secure Environmental Impact Assessment approval and a Field Activities Application from Greenlandic authorities before drilling.
Greenland Energy is a development-stage company with no operating history, revenues, or proved reserves. The company has acknowledged substantial doubt about its ability to continue as a going concern without additional financing. The forward-looking statements in the company’s announcements highlight risks including exploration and geological risks, operational and environmental challenges, regulatory and political uncertainties, and financial and capital requirements.
