U.S. Company Says It Holds Greenland's Only Oil Exploration Permits and Plans a First Well in 2027, After Trump Announces 'Massive' Exploration
Greenland Energy's CEO says an engineering report puts up to 13 billion barrels at the site. Nobody will know whether it can be pumped until drilling, and Greenland's government has not approved the required assessments.
An American company says it is positioned to explore a potentially huge oil prospect in Greenland next year, Fox Business reports, after President Trump said resource exploration on the island "is getting ready to begin."
Trump's post. Last week on Truth Social, Trump wrote that "Massive Oil, Gas, and Mineral Exploration is getting ready to begin in our new and beautiful Greenland!" He said experts believe the easily available oil there is greater than almost anywhere in the world and that it matters for the security of the U.S. and Europe. Fox notes he gave no details on when or how it would start.
The company. Greenland Energy Company says it is in the permitting process to drill its first well in 2027 in Jameson Land in eastern Greenland. CEO Robert Price says the project, run with British company 80 Mile, holds the only oil permits for exploratory drilling in Greenland. Greenland's mineral ministry says 80 Mile's subsidiary White Flame Energy received two permits in 2015 and a third in 2018. Greenland Energy is an investor and will operate the project.
The size claim. Price says an independent engineering report found the site could hold up to 13 billion barrels. Fox says the real amount, and whether it can be extracted at a profit, will not be known until exploratory drilling happens. Price also says surface tests show the crude matches North Sea oil, so European refineries could process it.
The case for it. Price argues new supply in "friendly jurisdictions" is needed as shale output dwindles, and says it could ease Middle East chokepoints tied to the war in Iran. He calls a September U.S., Greenland and Denmark security agreement a source of "clarity." It permanently cements U.S. military rights in Greenland and affirms Greenland's right to self-determination. Fox says it does not change existing permits or guarantee U.S. exploration.
The hurdles. Greenland stopped granting new oil and gas permits in 2021 over environmental concerns, though older permits remain valid pending more approval. The government says Jameson Land is still in exploration and drilling cannot start until environmental and social impact assessments are approved. It earlier objected to a proposed winter 2026 to 2027 drilling window. Price says the company has filed all its reports. Greenland's government declined to comment on Trump's post.
Note for readers: the barrel estimate and the timeline come from the company's CEO, and nothing here has been tested by drilling. We read Fox Business's report, not the engineering study.