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 Jameson Land Basin represents one of the last onshore frontier areas in the Arctic that remains largely unexplored. Greenland Energy's strategy involves reprocessing vintage seismic data to de-risk drilling targets, a method that has proven effective in other mature basins. The company's focus on Greenland comes as the region seeks economic diversification and infrastructure development. The 2026 drilling campaign, if successful, could transform Greenland's economy and contribute to global energy supply. However, the project also faces environmental and logistical challenges, including harsh Arctic conditions and the need for extensive infrastructure. Greenland Energy's progress will be closely watched by investors and policymakers interested in Arctic resource development. For more information, visit the company's newsroom at https://ibn.fm/GLND.
