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. 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 announcement is significant because Jameson Land Basin represents one of the few remaining undrilled frontier areas with substantial hydrocarbon potential. If successful, the project could reshape Greenland's economy, similar to how oil transformed Norway. Moreover, in a world concerned about energy security, new sources of oil are strategically important. Greenland Energy's progress, supported by modern reprocessing of vintage seismic data and collaboration with Halliburton, demonstrates a methodical approach to de-risking the basin. The October 2026 drilling target provides a clear timeline for investors and stakeholders to monitor. The company's focus on responsible development, as emphasized by Price, also addresses environmental concerns that often accompany Arctic exploration. As Greenland gains autonomy and seeks economic diversification, the Jameson Land project could provide a foundation for sustainable growth. Greenland Energy's efforts are thus not just a corporate venture but a potential turning point for the region.
