An American Energy Company is Preparing to Drill for Oil in Greenland
U.S. President Donald Trump has repeatedly called for the annexation of Greenland on national security grounds, noting the increased activity of other powers in the region. Greenland's rich deposits of rare earth elements also come up in the heated debate over the island's ownership. Often overlooked in the debate, however, is the potential presence of a vast repository of onshore oil - and current, active efforts by an American company to drill for it.
The high-potential geological formation is located in eastern Greenland, and shares strong similarities with Norway's North Sea oilfields - not by accident. In the era of the Permian-Triassic transition, 250 million years ago, Greenland was much closer to present-day Norway and Scotland. The regions spread apart through tectonic activity, punctuated by the formation of Iceland. The oil and gas-bearing reservoirs on each side travelled along, leaving the prolific Atlantic Margin fields of the UK North Sea, Norwegian Sea and Barents Sea on the east side. Comparable shale formations exist on the western, Greenlandic side, including areas of the Jameson Land Basin that are now overlain by dry land. These have yet to be fully explored.
In the 1980s, American oil company ARCO picked up on the geology of the region and launched a seismic survey program. After years spent collecting 2D seismic, ARCO walked away from the potential project in the early 1990s, though it had identified promising candidates for exploration.
After a period of quiet preparation, the current license holders are preparing for an exploration campaign in the area. The license is currently 100-percent owned by 80 Mile, a firm based in London. Texas-based company March GL stands to accumulate a 70 percent stake in the development of the license area once drilling commences. For its part, March GL is on track to sell itself to a special purpose acquisition company, or SPAC, and will soon become the publicly-listed "Greenland Energy Company" - to be helmed by March GL CEO Robert Price, a longtime oil executive and serial entrepreneur.
Under this management structure, the project is moving forward. Halliburton has been hired to handle logistics. Petroleum engineering will be handled by IPT, and Stampede Drilling has been hired for drilling services.
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The final big piece of the puzzle - maritime logistics serving an ultra-remote development area through over-the-beach cargo landings - is now in place. Canadian shipping company Desgagnes will be moving the equipment and cargo for the exploration campaign, with approval from Greenlandic operator Royal Arctic Line - the only company licensed to move coastwise cargo on the island. Through decades of work in the Canadian Arctic, Desgagnes has experience with the combination of ice-class tonnage and ship-to-shore connectors required to serve undeveloped development sites in the far north.
"We are moving from planning to action. Desgagnés brings the specific high-latitude experience and marine assets necessary to safely transport our drilling infrastructure into the Jameson Land Basin. Working closely with Royal Arctic Line ensures alignment with Greenland’s logistics framework and strengthens overall supply chain resilience. This partnership ensures we have the supply chain resilience to execute our 2026 campaign and deliver on the basin’s world-class potential," March GL CEO Robert Price said in a statement.