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. The company is focused on responsibly developing Greenland’s hydrocarbon resources, with an emphasis on the Jameson Land Basin, and aims to create a publicly traded platform for Arctic energy development (https://ibn.fm/GLND).
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 represents one of the few remaining undrilled frontier areas, and its development could shift the energy landscape by providing a new source of hydrocarbons outside traditional producing regions.
The implications of this announcement extend beyond corporate strategy. If the basin proves commercially viable, it could enhance energy security for nations reliant on imports, particularly in Europe. Additionally, Greenland, an autonomous territory of Denmark, stands to gain economically from potential oil revenues, which could support infrastructure and social programs. The project also highlights the evolving role of Arctic resources in global energy markets, though it faces environmental and logistical challenges inherent in remote, cold-climate operations.
Greenland Energy’s progress is being closely watched by industry analysts and investors, as successful drilling could unlock significant value. The company’s use of reprocessed seismic data and collaboration with Halliburton underscore a methodical approach to de-risking the basin. With drilling slated for 2026, the next two years will be critical for finalizing preparations and securing additional partnerships or financing. The outcome of this exploration campaign could set a precedent for future Arctic energy development.
