Greenland’s petroleum basin has been on my radar for a very long time,” Robert begins. “I initially tried to acquire the licenses myself but was outbid by a UK company called 80 Mile. Later, I negotiated to secure a 70 percent ownership stake. Since then, the process has been ongoing, from handling logistics to preparing for drilling.”
Greenland Energy Company is a US-listed energy exploration firm focused on unlocking the Jameson Land Basin in East Greenland, one of the world’s last largely undrilled onshore petroleum basins. Led by CEO Robert Price, the company holds rights to up to 70 percent of the basin and is building on extensive historical seismic work originally carried out by ARCO in the 1970s and 1980s. Those datasets, now reprocessed with modern technology, indicate a potentially large hydrocarbon system with North Sea-like geology. With Halliburton supporting logistics and drilling preparations underway, the project is moving toward initial exploration drilling.
Robert Price, CEO of Greenland Energy Company
“After discovering the 13-billion-barrel Prudhoe Bay field, the largest in North America, the Atlantic Richfield Company (ARCO) identified its next major prospect in eastern Greenland’s Jameson Land. Through the 1970s and 1980s, they invested over $275 million in seismic surveys, built critical infrastructure, and gathered extensive data in preparation for drilling,” Robert explains. “However, a collapse in oil prices, combined with high Arctic operating costs and a steep royalty regime imposed by Denmark, made the project uneconomic. When requests for fiscal relief were denied, ARCO ultimately relinquished the license, leaving behind both the data and the infrastructure.
“Years later, 80 Mile secured the rights under Greenland’s autonomous resource framework. Building on ARCO’s substantial dataset, modern seismic reprocessing has helped refine potential trap locations. Geological analysis indicates a system comparable to the North Sea, supported by oil samples that closely match Brent-quality crude. While the presence of hydrocarbons is well established, the key question now is pinpointing where they are trapped; something the updated seismic work is designed to resolve,” he shares.
“Independent evaluation has since suggested an upside potential of up to 13 billion barrels, placing the asset among the most significant prospective discoveries in decades. At a time when global supply is under pressure and major producers are seeking stable, geopolitically secure sources, this positions Greenland as a potentially strategic new frontier.”
Pivotal period
Framing the opportunity in today’s geopolitical context, Robert emphasizes how Greenland stands apart from other frontier basins before turning to the practical realities of development.
“From an economic standpoint, the contrast with US shale is significant. Shale projects typically require oil prices in the $60-to-$70-per-barrel range to break even, whereas we believe this project could be viable at closer to $25 per barrel. Drawing on the historical benchmark of Prudhoe Bay, which operated at exceptionally low costs in its early days, we see parallels in terms of conventional resource development,” he says.
“Although the project sits within the Arctic Circle, it is relatively accessible and, importantly, onshore. Unlike shale, this is a conventional play, focused on vertical wells rather than horizontal drilling and multi-stage hydraulic fracturing, meaning less intensive infrastructure requirements. Geological data suggests the basin has been uplifted, pointing to strong reservoir pressures like those seen in parts of the North Sea during early development.
“Operationally, preparations are already well underway. A drilling rig is being refurbished and shipped to Montreal, with project management led by Halliburton. From there, equipment will be transported via an Arctic shipping partner to the site within a tightly defined seasonal window. Initial groundwork, including road construction, will precede the arrival of heavier equipment, enabling drilling to begin in early October 2026.
“According to independent engineering assessments, the first drill location alone carries an upside potential of approximately 2.9 billion barrels. With that in mind, the coming months could prove pivotal as the project moves from preparation to execution.”
Positioning the discussion against a backdrop of geopolitical uncertainty and long-term energy security, Robert goes on to reflect on both historical precedent and current global dynamics.
“I can’t predict future outcomes, but we can see the broader trend in global energy supply and the vulnerabilities it creates. Energy security is not something countries should have to compromise on. I’m reminded of the 1973 oil embargo, when fuel shortages led to long lines and strict rationing in the US. Today, we’re seeing similar pressures emerge in different parts of the world.
“The question is,” he elaborates, “whether we continue relying on supply routes and regions that carry geopolitical risk, or whether we invest in new basins located in stable, friendly jurisdictions. There are very few truly unexplored petroleum basins left, and this is one of them. By the end of this year, we expect to have a much clearer understanding of its potential.
“At the same time, oil remains an essential part of the broader energy mix. Renewable sources like solar and wind are important, but they come with limitations; solar output can be disrupted by environmental factors like wildfire smoke, and wind generation can falter in extreme weather. As the energy transition progresses, conventional resources will continue to play a critical role alongside these alternatives.
“We’ve been working on this for over a year with Halliburton, IPT Well Solutions, and a group of experienced logistics professionals, including senior leaders from their international logistics and North American project management divisions. With decades of Arctic experience, particularly in Prudhoe Bay, they understand exactly what’s required to operate in these conditions.
“Our drilling partner, Stampede Drilling, brings similar expertise from working in northern Alberta. The focus throughout has been on preparation and resilience: building in redundancy across critical equipment and ensuring reliable access to spare parts. In an environment like this, avoiding last-minute airlifts isn’t just practical, it’s essential to keeping costs and operations under control.”
Geological potential
Robert places Greenland’s opportunity within a wider global context, drawing comparisons with other resource-rich regions that have successfully translated natural endowments into long-term national wealth. That perspective, he suggests, is increasingly shaping how stakeholders view the country’s future.
“Looking at Greenland’s broader economic trajectory, there’s a clear sense among stakeholders that resource development could play a defining role in its long-term independence and prosperity. While some mining projects are already underway, most are still at an early stage and will take time to mature into meaningful revenue streams.
“In conversations across Greenland, there’s a strong awareness of what resource development has delivered elsewhere, particularly in the North Sea. Denmark has benefited significantly from decades of offshore production, with substantial value generated through royalties and broader economic activity. Production has also expanded in recent years, reinforcing the sector’s long-term importance.
“Similarly,” Robert elaborates, “Norway stands as a clear example of how energy resources can underpin national wealth, with its sovereign wealth fund, now among the largest in the world, built largely on North Sea oil and gas revenues.
“Against that backdrop, there is growing interest in whether Greenland may hold comparable potential. The central question being asked locally is whether its subsurface resources could ultimately support the kind of long-term economic development that has transformed neighbouring economies, enabling infrastructure growth, public revenue generation, and broader modernization,” he concludes.
Taken together, the project reflects both the scale of Greenland’s geological potential and the complexity of bringing it to fruition. With extensive legacy data, modern seismic interpretation, and established Arctic expertise now converging, attention is shifting from concept to execution. As drilling preparations advance and independent assessments point to significant upside, Greenland is emerging as a closely watched frontier where energy security, economics, and long-term development interests increasingly intersect. For Robert, the project represents both a technical milestone and a broader strategic bet on unlocking one of the world’s last underexplored petroleum basins.