Greenland Energy Company (NASDAQ: GLND) is advancing development of the Jameson Land Basin in East Greenland, one of the world's last largely undrilled frontier oil regions, according to CEO Robert Price in an interview with Energy, Oil & Gas Magazine. 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 during the 1970s and 1980s. Modern reprocessing of the historical data has helped refine potential drilling targets within a geological system that Price says shares characteristics with the North Sea.
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, Price said. 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 aims to responsibly develop Greenland's hydrocarbon resources and create a publicly traded platform for Arctic energy development.
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 an onshore petroleum basin in East Greenland, and Greenland Energy is leveraging extensive seismic data originally collected by ARCO during the 1970s and 1980s to refine drilling targets.
For more information, visit the company's newsroom at https://ibn.fm/GLND.
