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 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.
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, according to Price. 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 project could play an important role in future energy security while also contributing to Greenland's long-term economic development, Price said. Drawing comparisons to the impact of resource development in Norway and Denmark, he noted that 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 represents one of the world's last largely undrilled onshore frontier oil regions, and Greenland Energy's progress toward drilling could have significant implications for global energy markets and Greenland's economy. If successful, the project could unlock substantial oil resources, potentially reducing dependence on other regions and providing a new source of revenue for Greenland, which has been seeking to diversify its economy beyond fishing and tourism.
For investors, the project carries high risk typical of frontier exploration, but the potential reward is substantial given the estimated billions of barrels. The involvement of Halliburton in logistics planning adds credibility to the timeline, though exploration drilling remains subject to regulatory approvals and operational challenges in the remote Arctic environment.
Greenland Energy Company is focused on responsibly developing Greenland's hydrocarbon resources, with an emphasis on the Jameson Land Basin. The company aims to advance oil and gas exploration and create a publicly traded platform for Arctic energy development. More information is available in the company's newsroom at https://ibn.fm/GLND.
