Greenland Energy (NASDAQ: GLND) is moving forward with 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, according to 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 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. The basin has never produced a commercial discovery despite decades of study dating back to the 1970s, and a 2008 USGS report stated there is less than a 10% chance of containing a technically recoverable hydrocarbon accumulation. Exploration costs are high, with estimated well costs of $40 million for the first well and $20 million for subsequent wells, according to the company's filings.
Operational challenges include operating in a remote Arctic location with extreme climate, harsh weather, limited daylight, no existing infrastructure, and seasonal access windows for equipment and personnel. The company also faces regulatory risks, including a 2021 Greenland drilling moratorium, though its licenses are grandfathered. Future regulatory changes could jeopardize operations, and drilling requires Environmental Impact Assessment approval and Field Activities Application approval from Greenlandic authorities.
Greenland Energy is an energy exploration company focused on responsibly developing Greenland's hydrocarbon resources, with an emphasis on the Jameson Land Basin. It aims to advance oil and gas exploration and create a publicly traded platform for Arctic energy development.
