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 advancement of the Jameson Land Basin is significant because it represents one of the few remaining undrilled frontier areas in the world, with the potential to add substantial oil reserves at a time when global energy security concerns are high. If successful, the project could transform Greenland's economy, similar to how oil and gas discoveries boosted Norway and Denmark. The involvement of major service company Halliburton underscores the project's credibility and progress toward drilling. Greenland Energy's focus on responsibly developing these resources aligns with growing interest in Arctic energy development, though the region presents technical and environmental challenges. The company's NASDAQ listing provides a public platform for investors to participate in this high-impact exploration play.
