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. The company has estimated well costs of $40 million for the first well and $20 million for subsequent wells, reflecting the high-cost frontier environment.
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. However, the company faces significant risks, including a 2008 U.S. Geological Survey report that stated less than a 10% chance of the basin containing a technically recoverable hydrocarbon accumulation, and a 2021 Greenland drilling moratorium that, while licenses are grandfathered, could affect future operations.
The Jameson Land Basin is one of the last largely undrilled onshore frontier oil regions globally, with no commercial discovery despite decades of study dating back to the 1970s. Greenland Energy's plans involve operating in a remote Arctic location with extreme climate, limited daylight, no existing infrastructure, and seasonal access windows. The company also faces scrutiny from environmental groups and institutional investors concerned about Arctic drilling and climate change. Additional risks include reliance on third-party contractors, permit requirements such as Environmental Impact Assessment approval, and potential forfeiture of rights if drilling milestones are not met.
The company's forward-looking statements highlight significant capital requirements and the need for substantial funding beyond current resources to complete the drilling program. Commodity price volatility, energy transition risks, and geopolitical tensions, including U.S. interest in acquiring Greenland and Greenland's internal independence movements, could also affect operations. Despite these challenges, Greenland Energy is moving forward with its exploration campaign, aiming to unlock what could be a major hydrocarbon resource in East Greenland.
