Greenland Energy Company (NASDAQ: GLND) is making significant strides in developing the Jameson Land Basin in East Greenland, an onshore petroleum basin that CEO Robert Price describes as one of the world's last largely undrilled frontier oil regions. In an interview with Energy, Oil & Gas Magazine, Price detailed the company's progress and the potential impact of the project.
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 this historical data has helped refine potential drilling targets within a geological system that 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.
Project preparations are underway, including refurbishment and transport of a drilling rig, road construction, and logistics planning led by Halliburton. Initial drilling is 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 advancement of the Jameson Land Basin is particularly significant given the global focus on energy security and the need for diversified hydrocarbon sources. Greenland Energy's efforts could open a new frontier for oil and gas exploration in the Arctic, with implications for both regional development and global energy markets. The company's strategy of reprocessing legacy seismic data to de-risk drilling targets demonstrates a cost-effective approach to exploration in challenging environments.
Greenland Energy Company (NASDAQ: GLND) 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. For more information, visit the company's newsroom at https://ibn.fm/GLND.
