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 is a frontier exploration area with significant geological risks. The basin has never produced a commercial discovery despite decades of study, and a 2008 U.S. Geological Survey report estimated less than a 10% chance of containing a technically recoverable hydrocarbon accumulation. Additionally, operations in Greenland face challenges from extreme Arctic climate, limited infrastructure, and environmental opposition. The company also faces regulatory risks, including a 2021 drilling moratorium in Greenland, though current licenses are grandfathered.
Financially, the company requires substantial capital to complete the drilling program, with estimated well costs of $40 million for the first well and $20 million for subsequent wells. Commodity price volatility and the global energy transition pose additional uncertainties. Despite these risks, the project represents a significant frontier exploration opportunity that could reshape Greenland's economic landscape if successful.
