Greenland Casts Doubt on Trump-Linked Oil Firm's New Drilling Schedule
The companies were given a "strong warning" after transporting equipment to Greenland without official permission.
The government of Greenland has put a pause on plans by an American oil firm, linked to former President Donald Trump, to commence drilling operations in the Arctic territory. The company in question, Greenland Energy, is engaged in a joint venture to drill in a high-prospect basin within the Jameson Land Basin, which is considered one of the most promising yet undrilled oil reserves globally.
However, Greenlandic authorities have expressed skepticism regarding the revised timeline for the project's commencement. The delay stems from the company's failure to secure the requisite approvals for transporting drilling equipment to Greenland ahead of the scheduled winter drilling. Greenland Energy's partner, 80 Mile, holds a license to the land, and the British firm plans to update stakeholders on the drilling schedule once there is greater clarity on the permitting process.
While the regulators currently anticipate drilling in winter 2027, Greenland’s Mineral Resources Authority remains processing the necessary documentation from the licensee. Greenland's Permanent Secretary for Mineral Resources, Jørgen T. Hammeken-Holm, stated that while winter 2027 remains a possibility, it is still uncertain when drilling could actually begin.
Despite the delay, 80 Mile remains confident in the project's process and is committed to advancing the venture. Greenland Energy, which was established last year, aims to tap into Greenland's vast hydrocarbon potential, with an estimated $1 trillion worth of oil potentially present in the Jameson Land Basin. The company is targeting a scaled-back drilling operation, starting with a single well, rather than the initially planned two wells.
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