Greenland delays Trump-linked oil venture's drilling plans

The United States is delaying a planned oil drilling venture in Greenland, a decision made by authorities on the Arctic territory. The project, led by Greenland Energy Company (GEC), a Texas-based oil and gas firm, was initially expected to commence within a year. However, Greenland's government has stated that the necessary regulatory process cannot be completed in time, causing a significant setback to the timeline.

The project, located in Jameson Land, a highly prospective but undrilled basin on the east coast of Greenland, is believed to hold up to $1 trillion worth of crude oil. GEC's CEO, Robert Price, acknowledged the delay, stating that the time will be used to refine plans and strengthen relationships with local communities, strategic partners, and relevant authorities.

The project's British partner, 80 Mile, also confirmed that the delay is due to the time required for permitting and regulatory approvals, not a change in their plans for Jameson Land. The British firm holds the licences for the basin through its wholly owned subsidiary, London-listed White Flame Energy, which was obtained before Greenland's government stopped issuing them in 2021.

Notable figures associated with the project include Larry Swets, GEC chairman, who has reportedly had access to President Trump's inner circle, and Carol Craig, a US Navy veteran working on the America's Golden Dome missile defense system, who is also a board member. Citadel revealed in a SEC filing that it holds a 9.2% stake in GEC, while billionaire hedge-fund manager Kenneth Griffin owns 4.31 million shares, equating to a 9.3% stake.

Recently, President Trump has shown renewed interest in acquiring Greenland due to its strategic location in the Arctic Circle, which he believes is pivotal to US national security. However, Danish Prime Minister Mette Frederiksen has firmly rejected this suggestion, emphasizing that Greenland is not for sale.