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An American company says it’s positioned to tap into a potentially massive oil prospect in Greenland next year, following President Donald Trump’s announcement that resource exploration “is getting ready to begin” on the Arctic island.
Greenland Energy Company is in the permitting process to drill its first well in 2027 in eastern Greenland, according to CEO Robert Price. The company claims that its project, in partnership with British company 80 Mile, holds the sole oil permits for exploratory drilling in Greenland, which makes it a potential key player in Trump’s interest in Greenland’s resources.
Trump announced on Truth Social last week that “massive” resource exploration was expected to start in Greenland.
“Massive Oil, Gas, and Mineral Exploration is getting ready to begin in our new and beautiful Greenland!” Trump posted on Truth Social.
TRUMP ANNOUNCES MASSIVE OIL, GAS AND MINERAL EXPLORATION PLANS IN GREENLAND, TOUTS NATIONAL SECURITY BENEFITS
“There are Experts that are saying that the amount of easily available Oil is far greater than that of almost any land, anywhere in the World and, even more importantly, from a Security Purpose in the Defense and Offense of both the United States of America, and Europe, is second to none,” he continued.
Trump’s announcement did not specify details about how or when resource exploration would begin in Greenland.
Greenland’s government stopped granting new oil and gas permits in 2021 over concerns about the environmental impact of oil extraction. However, existing permits granted before 2021 remain valid, pending additional government approval for extraction.
According to Greenland’s Ministry of Business and Mineral Resources, White Flame Energy, which is owned by 80 Mile, obtained two permits in 2015 and a third in 2018 for exploratory drilling and possible extraction of oil in Jameson Land in eastern Greenland. Price’s company, Greenland Energy has partnered with the British company as an investor in the endeavor and will act as the operator of the project.
Price says the project has drawn the attention of governments and investors due to the potential significance the oil might have to reduce U.S. dependence on foreign oil supplies. According to Price, an independent engineering report found that the planned drilling site could contain up to 13 billion barrels of crude oil.
The exact quantity of oil present in the Jameson Land Basin and whether the oil can be economically extracted will not be known until exploratory drilling occurs.
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Price has positioned his company’s project as a long-term solution to slow down chokepoints in the global supply chain caused by conflicts like the war in Iran.
“If we’re successful, or even partially successful, this could really help some of the chokepoints in the Middle East. So of course the U.S. government has been acknowledging what our project is and monitoring it,” Price told Fox Business.
According to Price, measurements taken at the surface of the proposed drilling site show that the crude oil Greenland Energy Company intends to extract genetically matches oil found in the North Sea, which means European refineries may have existing capabilities to process it.
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Finding new oil supplies in “friendly jurisdictions” is essential to the United States maintaining its independence from foreign oil supplies, Price says.
“It’s incumbent upon the United States to look beyond the shale plays for a supply of energy moving forward,” said Price.
“That supply is dwindling, and that’s why we need to look to friendly jurisdictions like Greenland to bring on new supplies of oil for the people of the United States and the European community,” he continued.
Greenland’s government said that the Jameson Land project remains in the exploration phase, and exploratory drilling cannot start until environmental social impact assessments are approved. The government previously objected to the project’s proposed timeline to drill in the winter of 2026/2027, according to a statement on its website.
Price told Fox Business that his company has filed all environmental reports and plans to drill its first well at some point in 2027.
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Price is also president of USFM Corporation, a private company that is drilling for minerals, including cobalt, nickel and platinum, in western Greenland.
Price said that the security of Greenland is essential to both the future of both USFM’s mineral exploration and Greenland Energy’s potential oil drilling. He pointed to a recent security agreement between the U.S., Greenland and Denmark as important part of continuing resource exploration on the island.
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The three nations signed a trilateral agreement at the United Nations General Assembly in September. The security agreement permanently cements U.S. military rights in Greenland while affirming Greenland’s right to self-determination.
“Now we have clarity. Part of that clarity is Greenland Energy and USFM. We’re going to be in Green Land a very long time,” Price said. “We embrace the trilateral agreement because for a company like ours, having certainty in the security of Greenland for our long-term investment is very important.”
The security agreement does not affect existing oil permits or guarantee American resource exploration in Greenland.
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Greenland’s government declined to comment on Trump’s Truth Social announcement.
