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 since the 1970s, but no commercial discovery has ever been made there. A 2008 USGS report stated less than a 10% chance of containing a technically recoverable hydrocarbon accumulation. Greenland Energy faces significant risks, including a 2021 Greenland drilling moratorium, though its licenses are grandfathered. The remote Arctic location presents extreme climate challenges, with limited daylight, no existing infrastructure, and seasonal access windows. Estimated well costs are $40 million for the first well and $20 million for subsequent wells. The company also faces climate change scrutiny and opposition from environmental groups and institutional investors.
Despite these challenges, Greenland Energy is moving forward with a drilling campaign that could test the basin's potential. The company's ability to secure funding and navigate regulatory hurdles will be critical. The project's outcome could have implications for energy security and Arctic resource development. For more information, see the full release on NewMediaWire.
