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 is one of the last large undrilled onshore basins in the world, and its development could have significant implications for global energy markets. If successful, the project could add substantial new supply to a market facing geopolitical tensions and declining investment in exploration. For Greenland, which is largely dependent on fishing and subsidies from Denmark, a major oil discovery could transform its economy, providing funds for infrastructure, education and healthcare.
However, the project also raises environmental concerns. Drilling in the Arctic region poses risks to fragile ecosystems, and any oil spill could have catastrophic consequences. Greenland Energy has stated it aims to develop the resources responsibly, but the company has not yet published detailed environmental impact assessments. The October 2026 target date gives the company several years to address these issues and secure necessary permits from Greenland's government.
Investors are watching the project closely. Greenland Energy's stock has been volatile, reflecting the high-risk, high-reward nature of frontier exploration. The company's ability to secure financing and partners will be critical. For now, the company is focused on preparing the drilling site and finalizing logistics with Halliburton. The next major milestone will be the spudding of the first well in 2026, which will determine whether the basin's potential can be realized.
For more information on Greenland Energy, visit the company's newsroom at https://ibn.fm/GLND.
