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 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. This timeline underscores the company's commitment to advancing exploration in a region that remains largely untapped.
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 implications of this announcement extend beyond Greenland Energy itself, as successful drilling could signal a new era for Arctic energy exploration.
The Jameson Land Basin's potential is significant given global energy demand dynamics. With many conventional basins maturing, frontier regions like East Greenland offer opportunities for new discoveries. Greenland Energy's use of reprocessed 2D seismic data, originally acquired by ARCO, provides a cost-effective approach to de-risking the basin. The company's focus on responsible development aligns with growing interest in energy security and economic diversification for Greenland, which has long relied on fishing and subsidies from Denmark.
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.
